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Dispelling common bankruptcy myths

There are a lot of misconceptions when it comes to filing for bankruptcy, and if you are one of many people across Florida considering taking this step, exercise caution when heeding advice from well-meaning friends or family members. Every bankruptcy situation is different, so what held true for your colleague, neighbor or what have you may not do the same for you. At Kingcade Garcia McMaken, we understand that there is a lot of false information out there when it comes to filing for bankruptcy, and we have helped many clients separate fact from fiction while navigating the process.

Among the most common misconceptions about bankruptcy, Nerdwallet reports, is a feeling that, by filing for bankruptcy, you are acknowledging a personal failure. The fact is, however, that the majority of bankruptcy cases come about in the first place because people find themselves struggling with unmanageable medical bills. Furthermore, the rising cost of health care has substantially outpaced wages, leaving even more people in need of debt relief options.

You may also be looking into bankruptcy and envisioning someone coming and taking your car in the middle of the night. In many Chapter 7 bankruptcy cases, however, you can work out an agreement that allows you to keep some of your essential assets by classifying them as "exemptions." If you file for Chapter 13 bankruptcy, you can generally keep assets such as your car and your home, but you will have to pay back some portion of your debts in doing so.

Yet another common misconception about bankruptcy is that it should always be secondary to trying to pay off your debt. Again, this is something that varies on a case-by-case basis. How much debt do you have, and how long will it realistically take you to pay it off and get back on your feet? Depending on your answers to these and other questions, filing for bankruptcy may help you find relief and regain control over your finances faster than other methods. Find more about bankruptcy on our web page.

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