Society has a tendency to blame the victim, and this has caused a lot of misconceptions about people who have to file bankruptcy. Despite the common belief that those who file bankruptcy are irresponsible, in most cases, the opposite is true.
Life Happens
Many people are stuck in similar situations now, and it does not make them bad people. People lose jobs. People have medical emergencies where bills can (and often do) pile up in unmanageable amounts. The average person does not have a rich uncle, so for many, bankruptcy may be the best option no matter how much of an effort was made to avoid. People go through hard times. They are only human after all.
Although society may frown upon it, filing bankruptcy as many times as you need to does not make you a bad person either. Take note on the different regulations for different bankruptcy types though. A Chapter 7 can only be received once during an eight year period. A Chapter 13 bankruptcy is only allowed once during a two year period, and for Chapter 11, you are allowed once every four years.
I Will Lose My Property and Never Get a Chance to Own Again
While it varies from state to state, bankruptcy can help you keep the property you currently possess. During the time the bankruptcy is on your credit, you can look for offers that cater to people who have filed bankruptcy. These offers are there to help people build their credit while they wait for the bankruptcy to be discharged.
One More Thing
Not everyone needs to know that you filed for bankruptcy in the first place. Aside from anyone you choose to tell, here is who else will know.
- Your lawyer
- The courts
- Your creditors
That’s it! Regardless of the shame you may feel, it is not on broadcast for the world to see. Relax and keep these other unknown aspects of bankruptcy in mind.
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