What was once a last resort is now a popular choice for many Americans struggling with debt. According to the U.S. courts, nearly 400,000 people filed for bankruptcy in 2021 alone.
For a lot of people, the idea of bankruptcy is shrouded in mystery and misconceptions. In reality, it’s not as complicated or scary as it seems. In this article, we’ll debunk some of the most common myths about bankruptcy and help you understand when it might be the right choice for you.
Bankruptcy is a legal process that provides debt relief for individuals and businesses. It can be filed by anyone who owes money to creditors and is unable to pay. When you file for bankruptcy, an automatic stay goes into effect.
It’s a common question with a not-so-common answer. While the idea of bankruptcy may send shivers down your spine, it might be the best thing for you and your family. Filing for bankruptcy is a legal process that provides people with a fresh start by eliminating most, if not all, of their debt.