The relationship that the general public has with the idea of bankruptcy is surrounded by myth, misconception and archaic stigma. Most of the things you may have heard about bankruptcy, especially as it relates to today’s economic climate, are either completely untrue or outdated. Knowing the difference between the myth and misconception, and educating yourself with the actual facts about creditor policy and bankruptcy, could be the difference between allowing your family to suffer and getting a fresh financial start.
The U.S. economy has been in serious trouble for years. The direct impact of the economic downturn has most firmly hit middle class America. This crisis may become worse before inflation and property values stabilize. Because of this, misconceptions surrounding bankruptcy are harmful. Chances are, most of what you may have heard about bankruptcy is wrong. In spite of what you may think you know, bankruptcy can in many cases be the best, most practical solution for your family’s future prosperity and happiness. While a myth is nothing more than a belief that is untrue, basing financial decisions on erroneous beliefs about bankruptcy could well lead to costly and harmful outcomes. Creditors use the myths surrounding bankruptcy to take advantage of you. What you don’t understand about your debt dispersal is your detriment in favor of creditors. Understanding the difference between the reality of bankruptcy and the myths that surround it may be the first most important step you make in analyzing the options before you.
Some of the most common, and most debilitating misconceptions this series of articles explores include:
- Bankruptcy and your credit rating
- Bankruptcy and your personal property
- Bankruptcy and your privacy
- Your integrity and bankruptcy
- New Bankruptcy Laws
- Asset and debt disclosure in bankruptcy
- The bankruptcy process
- Property ownership following bankruptcy
- Marriage, family and bankruptcy
- Bankruptcy and Back Taxes
- Bankruptcy Limitations
- Your ability to afford competent legal representation in bankruptcy