When you’re facing insurmountable debt, the pressure and stress of trying to avoid creditors and keep your head above water can be overwhelming. Personal bankruptcy might provide you with significant debt relief and the fresh financial start that you need. But many people who consider bankruptcy make the mistake of believing several myths about the process. Let’s look at some of them so that you have a better understanding of what bankruptcy can do for you.
Common myths about personal bankruptcy
There are a lot of misconceptions about the bankruptcy process. This includes:
- You won’t have anything after bankruptcy: You can avail yourself of several bankruptcy exemptions, which ensure that you’ll have some financial stability once the process is wrapped up.
- Your credit will be destroyed: Although a bankruptcy will remain on your credit report for several years, there are concrete and simple steps that you can take to rebuild your credit and gain access to the credit that you need.
- Bankruptcy is a sign of failure: Millions of Americans have successfully filed for bankruptcy, and many of them for reasons that are out of their control. Medical debt, credit card use, and loss of employment can all be contributing factors. Embrace bankruptcy as a second chance that we all deserve rather than as a sign of failure.
- Bankruptcy is difficult: The personal bankruptcy process is oftentimes straightforward. While there are some complications that can arise in your case, you can reduce your worry by working with someone who knows how to competently navigate the process and the legalities involved.
If you do, then now is the time to learn more about the process and how to successfully navigate it. Only then can you position yourself to secure the debt relief you want.