03 Mar
It’s complicated and stressful to discuss bankruptcy. Misconceptions and falsehoods impede people from seeking help when required. This blog post debunks bankruptcy myths and illuminates its realities.
Myth #1: Bankruptcy Ruins Your Credit Forever.
Reality: Bankruptcy lowers your credit score, but it’s not permanent. Prudent financial management and credit rebuilding can boost your credit score in a few years.
Myth #2: You Lose Everything in Bankruptcy.
Reality: Bankruptcy rules safeguard vital assets like your automobile and home (according to state exemptions). Most of your stuff is yours.
Myth #3: You Can Only File for Bankruptcy Once.
Reality: You can apply for bankruptcy more than once under specific conditions. However, there are waiting periods (8 years for Chapter 7 and 4-6 years for Chapter 13).
Myth #4: Filing for Bankruptcy is a Sign of Financial Failure.
Reality: Life surprises. Medical emergencies, job loss, and unforeseen events can cause debt. Bankruptcy might help you start over financially.
Myth #5: You Need a Fancy Lawyer to File for Bankruptcy.
Reality: 99BK can help you handle Chapter 7 bankruptcy without an attorney, even under challenging circumstances.
Conclusion
Knowing about bankruptcy can help you make financial decisions. Don’t hesitate to seek professional help for unmanageable debt. Bankruptcy can help you gain financial stability and peace of mind.
We realised we really wanted to catch a glimpse of what went on behind the scenes of the companies we looked up to. And we thought other people would want to know too.
So we decided to organise an event to share these stories. Today, we run monthly Show & Tell events and an annual conference.