Bankruptcy is often considered a sort of dirty word; some nefarious thing to be avoided at all costs. Here, we’ll try to unravel some of those myths—and replace them with the facts.
Despite its bad rap—often encouraged by creditors to keep you in the debt cycle—bankruptcy can be a powerful tool to help you move beyond the “paycheck to paycheck” lifestyle and get a fresh start. In fact, unlike many programs that creditors have designed to ensure that they can keep recovering payments from consumers, bankruptcy is a federal program. It was written into law specifically to assist those who, despite their hard work and best efforts, have experienced misfortune due to a lost job, medical catastrophe, or other event that results in an inability to pay their bills.
Bankruptcy can help you regain sound financial footing after a turbulent time.