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Looking at Bankruptcy Myths

With over 1 million individual bankruptcies in the United States in 2011 and a steady increase of bankruptcy cases throughout the nation in recent years, it is important to realize that it is a valid option for those overwhelmed by debt.

According to recent surveys, the amount of U.S. debt is at $798 billion with 98% of that dealing with consumer credit card debt. For each household that owns a credit card, the average amount of debt they are facing is nearly $16,000. This is a growing problem that needs a viable solution and for many people bankruptcy is just that.

Bringing Clarity to the Situation

For many families and individuals, the idea of bankruptcy seems like a despairing last resort, but this should not be the case. Rather it is a hopeful option that can create a more stress-free financial situation where you can get back to a stable and comfortable place. Although it is not a perfect solution without downsides, it is a much more positive possibility than most people realize. Detailed below, we have brought to attention a few of the most common myths often believed by consumers in America.

Those who file are completely irresponsible with their money.
Many Americans believe the lie that those who file for bankruptcy are out of control with their finances and are in debt because of their own mistakes. While there are cases like this, it is not entirely a truthful belief.

Quite a few families have considered bankruptcy because one or both parents have fallen victim to the increasing unemployment rates. In 2012, it has been recorded by the Bureau of Labor Statistics that more than 5 million people in the U.S. have been unemployed for at least 6 months. There are also many people dealing with illness and health issues resulting in staggering medical bills. Do not feel that you are alone or be embarrassed by attempting to get the help you deserve.

All of your debt will be dismissed.
When you file for Chapter 7 bankruptcy, it is true that most of your debts will be discharged; however, there are still other exceptions. Expenses such as spousal support payments, child support and student loans do not fall under the category of items cleared during bankruptcy. Chapter 7 will also not cover back taxes, but Chapter 13 will. There are benefits to both and you must first take a means test before discovering which option is right for you.

Your property will be taken from you upon filing for bankruptcy.
This is possible one of the greatest myths because it is so widespread and is what deters many individuals from even considering it as an option. Under Chapter 13 bankruptcy all of your possessions are completely protected. With Chapter 7, you could lose some property, but typically clothing, home furnishings, furniture, home equity and cars as long as they are of a moderate value will be kept safe. It is always a good idea to consult with a knowledgeable attorney before jumping to conclusions.

Finding the Help You Deserve

We understand that times are tough and that the economy is at a low point. With compassion and dedication, we seek to help you pursue the best option for your financial situation. It is not our goal to sell you on something that is not right for you or that makes you feel uncomfortable. Instead, we wish to provide you with stress-free answers that can get you back on track towards success. Do not wait until it is too late to consider these options. Talk to one of our lawyers today for a free initial consultation!

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