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Video: The Myths of Bankruptcy

Due to a variety of reasons many people facing financial difficulty find it hard to take action to remedy the situation by filing for personal bankruptcy. Some of those reasons could be myths, and not based in fact. Speaking to a bankruptcy lawyer to separate fact from fiction could be the best way to turn your financial situation around.

Contrary to popular belief, individuals who file for bankruptcy under either Chapter 7 or Chapter 13, generally do not lose all of their possessions. In addition, filers will not have to pay off all of their debt. Last, while their credit is impacted for several years following a bankruptcy, in many cases it is possible for filers to quickly begin to rebuild credit and consequently make big purchases in a short period of time. Contacting a bankruptcy lawyer is the best place to learn more about filing.