Filing for bankruptcy is a serious decision and one that most people resort to when they have exhausted other possible avenues for settling burdensome debt. You may be among those who are struggling financially but have heard terrible tales about bankruptcy and wonder if you should even consider filing. Here are five myths about this process that should be debunked.
One accident or prolonged illness can lead to medical bills that may be impossible for your family to overcome. Health care is quite expensive, and the cost of emergency or long-term care can overrun a victim and his or her family to the point that it affects other areas of their financial life. Medical bills are a real problem for many Americans, and they may be for you too. However, there is hope.
If you are struggling with debt and the stress that comes with it, you may want to consider bankruptcy. Understanding the differences between Chapter 7 and Chapter 13 will help you make the right choice.
Bankruptcy is a way for individuals to eliminate - or greatly reduce - their debts. It is a legal process with many steps and complexities. The first step, when contemplating bankruptcy, is to determine whether you qualify for Chapter 7 or would benefit from Chapter 13.