Tag Archives: Chapter 7 bankruptcy

5 Myths About Bankruptcy (and How They’re Wrong)

You may feel like filing for bankruptcy is the lowest place you could be, but it’s just not true, and you aren’t alone. Well over a million Americans file for bankruptcy each year, yet most people don’t know much about bankruptcy. Let’s separate the facts from the fiction. The Most Common Myths About Bankruptcy Bankruptcy permanently ruins your credit score – After filing for bankruptcy, your credit will take a hit, but then it will start to rebuild. Many people who file for bankruptcy find that it suddenly becomes much easier to start repairing the damage that holding onto old debts did. All your debts with be discharged – It’s true that bankruptcy offers most people a chance to start over fresh, but there are some debts that can’t be discharged. Some taxes and child support payments, for example, will not be discharged. You will lose everything – Most people…
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Debunking the 5 Most Popular Chapter 7 Bankruptcy Myths

Bankruptcy is treated almost like a bad word in the U.S., but it really shouldn’t be. You remember that game we used to play when we were kids when someone would say “apple pie” at one end of a long line and by the time the message was passed down to the end it came out as “happy fly?” Well, that’s kind of what happened with bankruptcy. Nobody really knows what they’re talking about and now we have a bunch of Chapter 7 bankruptcy myths to debunk. Chapter 7 Bankruptcy Myths Myth #1 Bankruptcy will permanently ruin your credit – This is totally untrue. In fact, in the long run, filing Chapter 7 bankruptcy is often better for your credit. While you still have debt, your credit will continue to plummet. However, once you’ve discharged your debt through bankruptcy, you’re free to start seriously rebuilding your credit score. Myth #2…
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Why Do I Spend Money I Don’t Have to Impress People I Don’t Know?

Money has always had an impact on our social standing. Think of the class system which used to be tradition years back; people segregated into different levels by wealth. You may believe that we’ve broken that system, but that may not be true. Many people still feel a need to spend money to feel ‘better’ than each other, whether they admit or not. This ongoing game of “keeping up with the Joneses” has put thousands, possibly millions, of people in financial trouble. Why do we keep spending too much money, more money than we have, to impress other people? Herd Mentality Our brains are wired to help us survive. Over the millennia, we have evolved to let instinct keep us alive. Part of that instinct is what drives our spending. Many experts believe that we feel the need to spend money to “keep up with the Joneses” is like a…
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