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What does bankruptcy say about you personally?

A lot of people attempt to avoid bankruptcy at all costs because of what they believe it will say about them. While bankruptcy isn't the option for everyone -- and if you can get out of debt without it, that might be preferable -- we know that if you are considering bankruptcy, your situation is probably already spinning out of control. Working with a bankruptcy lawyer can help you understand what your options are to take control of the situation, and if you're worried about what those options might say about you personally, we'd like to take this time to debunk some bankruptcy myths.

A common myth is that everyone who files for bankruptcy is financially irresponsible. This simply isn't true. Your financial situation can change even if you do everything right for many, many years. A sudden change in the economy, the loss of a job or a medical emergency can start a chain reaction that is impossible to get out from under without a stroke of good luck -- even if you continue making responsible financial decisions.

Another myth is that someone who files for bankruptcy simply spends too much money for one's income level. We know you probably know this isn't true. If your financial situation changes suddenly, you might have cut out all but the bare necessities and still be able to make appropriate payments on your accounts. And once you start missing payments, for whatever reason, the expenses add up even faster. Interest rates hike; finance and late charges start adding up. This doesn't say anything about you as a person other than that you are experiencing some difficulty and need assistance to get out of it.

Bankruptcy offers several options for dealing with debt -- and you could even keep your home or some other property depending on the type of bankruptcy you file. To understand what options are best for you, consider reaching out to a professional today.

Source: Money, "5 Bankruptcy Myths Debunked," Susan Johnston Taylor, accessed April 22, 2016

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