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No one wants to go through bankruptcy. Bankruptcy is a scary prospect. However, it may not be as bad as you think. There are a couple of things that you may be thinking that are just not correct.

A Person Who Files for Bankruptcy Has Failed.

This could not be further from the truth. Filing for bankruptcy is not a personal failing. In fact, a person who makes the tough decision to file bankruptcy is actually taking action to improve their situation going forward. Moreover, many bankruptcies are the result of debts that were simply not the debtor’s fault. Perhaps you were seriously injured in an accident and struggled with medical bills. According to financial experts, more than half of all bankruptcies in the US stem from medical debt. You do not deserve to be punished simply for getting sick or injured. And you certainly should not feel bad about seeking assistance as you work to get back on your feet.

Bankruptcy Will Close Doors for You in the Future.

Again, this bankruptcy myth is simply not true. Depending on the precise circumstances, filing for bankruptcy will give you a chance to keep your important assets as you attempt to clear your debts and move forward with your life. Beyond that, many people who file for bankruptcy actually find that they have more options in the future because they are no longer saddled with crippling debts.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site or call 727-335-7151.