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Who files for bankruptcy? 3 popular myths

When you think about the people who declare bankruptcy, what do you imagine? What do you assume caused a debt problem for them?

Many people are afraid to file bankruptcy, even if it could dramatically improve their life. Part of the reason might be that they think bankruptcy is something to be embarrassed about. A common misconception is that bankruptcy is only for certain types of people, but the truth is that this is frequently a solution for all kinds of circumstances.

Myth 1: Bankruptcy is for uneducated people

In fact, almost everyone who files for bankruptcy finished high school and over half have taken college courses. Education doesn’t necessarily determine financial success. Those who haven’t completed schooling might not have enough income to pay bills, but those who fall behind on their bills to make tuition payments are also susceptible to debt.

Myth 2: Bankruptcy is for compulsive shoppers

Shopping can create major credit card debt, but many people fall into trouble due to medical bills or the cost of living. On this blog, we have discussed how medical expenses are actually a leading source of debt. While budgeting can help over-spenders, little can be done to prevent unexpected illness.

Myth 3: Bankruptcy is for people trying to evade responsibility

Bankruptcy is not available for special forms of debts, including taxes, alimony, student loans and child support. If anyone were to wait until these payments add up, expecting to get rid of them with bankruptcy, they would be in for a shock. Most people don’t choose to suffer the stress of being in debt.

You don’t need to be self-conscious about declaring bankruptcy. Financial trouble doesn’t mean that you are a certain kind of person; it just means that you are facing obstacles at this point in your life. With legal guidance, you can weigh the benefits and drawbacks of filing for bankruptcy.

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