While filing for bankruptcy can provide a fresh financial start, the process doesn't happen overnight. Bill Oxford/Getty Images

Right now, many of borrowers are facing some serious debt issues, including those who were once able to easily cover their monthly payments. Part of the issue is that, at over 22% on average , credit card rates are sitting near record highs, meaning the compound interest is racking up quickly for your average borrower. And, when you factor in the other economic hurdles, like sticky and growing inflation , which is driving up the costs of everything from groceries to housing, it's easy to see why so many people are now struggling to meet their payment obligations.

But if your debts have piled up and the collection calls are becoming unbearable, fi

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