7 Bankruptcy Myths That Could Harm You
Bankruptcy is a financial tool designed to help people who are struggling with debt. Unfortunately, there are many myths surrounding bankruptcy that can prevent people from seeking the help they need. In this article, we will discuss seven bankruptcy myths that could harm you. Myth 1: Bankruptcy Will Ruin Your Credit Forever Many people believe that bankruptcy will destroy their credit forever. Although bankruptcy can have a detrimental effect on your credit score, it is not a permanent change. In fact, many people see their credit score improve within a few years of filing for bankruptcy. Myth 2: You Will Lose Everything If You File for Bankruptcy Another common myth about bankruptcy is that you will lose everything you own. This is simply not true. In most cases, you can keep your assets, such as your home and car, while still getting the debt relief you need. Myth 3: Bankruptcy Is Only for People Who Are Irresponsible with Money Bankruptcy is not a sign of financial irresponsi...