There are a lot of misconceptions when it comes to bankruptcy. As a result, it ends up being a very confusing subject for most people. For instance, people think filing for bankruptcy is a sign of being irresponsible when in actual fact, according to Legal Jobs, about 62% of personal bankruptcies in the U.S. are due to medical expenses. Here are more bankruptcy myths.

Filing For Bankruptcy Permanently Ruins Your Credit

This is one of the most common bankruptcy myths. Most people are scared of filing for bankruptcy because they think it will leave an everlasting dent in their credit history. However, this is not true. While bankruptcy will have some effect on your credit, it will not damage your credit forever.

The truth is that bankruptcy will remain on your credit report for seven years. After that, you will start receiving credit card offers within a few weeks. This is just an indication that you can bounce back from bankruptcy, and your credit score will be far from ruined forever should you file for bankruptcy. To find out more information about how bankruptcy affects your credit, you can also ask your bankruptcy lawyer.

Filing for Bankruptcy Is a Crime

People have gone as far as suggesting that people who file for bankruptcy are committing a crime and might be arrested. However, this can't be further from the truth. Each year, millions of people file for bankruptcy, and these are normal, everyday individuals who find themselves in impossible financial situations. However, it's also true that there are some people who use bankruptcy wrongfully. The idea is to file for bankruptcy only when you really have to. You will not be considered a bad person if you feel like filing for bankruptcy is the best relief in your situation. If you are facing financial hardships, talking to a bankruptcy lawyer can help.

Filing for Bankruptcy Is Difficult

The bankruptcy process is not too difficult to the extent that you should miss the benefits it can provide. If you feel like you don't understand what you need to do, the best way to simplify the process would be to hire a bankruptcy lawyer. Once you have an experienced lawyer on your side, things should be pretty simple.

Apart from the myths listed above, people also believe that filing for bankruptcy can cause them to lose all their belongings. All these myths are not true, and they should not stop you from filing for bankruptcy when you need to. If you need clarification or help with filing for bankruptcy, contact us today, and we can help you navigate this process.