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Myths & Truths
THE TRUTH ABOUT BANKRUPTCY, ITS BENEFITS & COMMON MYTHS
Debt is an inescapable reality of life as most of us use it to maintain our family, lifestyle and business. But when unforeseen events happen, like an illness, divorce or reduction in income, the financial stress of paying those debts can be overwhelming, if not impossible and unbearable. Fortunately, Congress enacted the U.S. Bankruptcy Code many years ago providing a path to financial relief. Hence, it’s not a crime to file bankruptcy; rather, it’s a set of federal laws designed to assist you in a time of need. Many famous, smart & influential people throughout time, including the present, have utilized bankruptcy laws for relief.
Unfortunately, many people reject the idea of bankruptcy due to an irrational stigma and complete misunderstanding of the facts. Ironically, these same people end up losing property and money which could have easily been saved had they filed for bankruptcy protection. Below is a list of the more common myths and realities about bankruptcy.
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