Chapter 7 Bankruptcy Myths

Chapter 7 is one type of bankruptcy that a person can file when they are overwhelmed in debt and ready to clean the slate and get a fresh start. Thousands of people declare Chapter 7 bankruptcy every single year, but many must first overcome an abundance of myths first. Read below to learn more about common Chapter 7 bankruptcy myths so you aren’t waiting any longer to take the steps needed toward a better financial future.

It Ruins Your Life

Does Chapter 7 bankruptcy have such power that it can ruin your life? Some would say yes, but those people might very well be exaggerating the situation. No one wants to declare bankruptcy, but sometimes it is necessary to get out of debt. However, in no way will declaration of chapter 7 bankruptcy warsaw in ruin your life or leave you filled with sadness and regret, so put this worry in the back of your mind.

Everyone Knows That You’ve Filed Bankruptcy

chapter 7 bankruptcy warsaw in

For many people, filing bankruptcy is very embarrassing. It’s a matter they’d rather handle discreetly, without involving other people. Yet, a common myth is out there suggesting that the information is not confidential. The truth is, bankruptcy information may be published in the newspaper but isn’t as easy to come across as you might imagine.

You Can’t Get Credit After Bankruptcy

Once again a myth that you shouldn’t believe. Sure, bankruptcy puts a damper on your credit for a short time but leaders will then be willing to help you out because they’re confident you are on the right track. Bankruptcy doesn’t make life more difficult, that’s for certain!

You’re a Failure if You File for Bankruptcy

Many people face problems with their finances and use bankruptcy when other solutions do not help. It doesn’t indicate that you are a failure, but the opposite instead, since you are doing what you can to make things better.