Considering Bankruptcy? Don't Believe These Common Myths
For consumers weighed down by debt, bankruptcy may sound like the perfect solution. But while it may seem like an easy fix, the repercussions can be steep. Add in the numerous myths about bankruptcy, and it can be challenging to know whether it's the right move.
"Bankruptcy should always be the last resort for people under financial stress," said Michael Sullivan, a personal financial consultant with Take Charge America, a national nonprofit credit and debt management agency. "But if you've exhausted alternatives and are considering bankruptcy, it's important to fully understand how the process works so you know what to expect."
Sullivan breaks down seven common bankruptcy myths:
About Take Charge America, Inc.
Founded in 1987, Take Charge America, Inc. is a nonprofit agency offering financial education and counseling services including credit counseling, debt management, student loan counseling, housing counseling and bankruptcy counseling. It has helped more than 2 million consumers nationwide manage their personal finances and debts. To learn more, visit takechargeamerica.org or call (888) 822-9193.