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Bankruptcy misconceptions: The truth may set you free financially

Many individuals experience financial challenges at some point in their lives, and the financial weight of debt can be a heavy burden. If you are facing similar circumstances, you could be suffering from a situation in which there appears to be no end in sight.

While you might be able to obtain relief for your current predicament through bankruptcy, there may be some areas of concern that give you pause. However, certain assumptions regarding bankruptcy have no factual basis, and debunking these misconceptions could help you overcome any previous hesitation concerning the process.

Searching for facts about bankruptcy

With little to no experience in the area, it could be easy to succumb to the persuasion of misleading information concerning bankruptcy. However, you may not want to let a myth stand in the way of your financial freedom, and some common misconceptions about the process may include the following:

  • Liquidation of assets: While Chapter 7 bankruptcy calls for the liquidation of certain assets, this doesn't necessarily include all your assets, and you may even be able to retain ownership of many or most of your possessions after filing. In Chapter 13, you could be able to keep all your assets while repaying certain amounts of debt over a given period.
  • Repayment more favorable: You may feel as though repaying your debts is the best option. However, continually struggling with monetary obligations can be exceedingly stressful, and the situation may only grow worse with time.
  • Bankruptcy as a failure: In some cases, debt is unavoidable, such as those pertaining to a medical emergency or sudden loss of income, and bankruptcy doesn't automatically indicate some form of personal failure.
  • Financial future in shambles: While you may have concerns about how bankruptcy will affect your credit score, you are likely already suffering in this area if you are constantly struggling to keep up with monetary obligations. With bankruptcy, you could be able to begin rebuilding your credit score shortly after filing.

There are also certain misconceptions surrounding the discharge of debts in bankruptcy, and seeking guidance from someone who is knowledgeable in federal and Ohio state bankruptcy laws for advice on which debts are eligible for discharge could be in your best interests.

Pursing relief

Enduring prolonged periods of financial struggles can be stressful and daunting, and you may be suffering a lesser quality of life in the process. By exploring the available options for debt relief, you may be able to move past previous reservations and work toward pursuing a brighter financial future. Since the process can be challenging to navigate alone, seeking guidance in the initial stages could prove invaluable to choosing the correct path with which to seek a life free of the monetary constraints of overwhelming debt. 

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