Bankruptcy Myths Debunked: Part 2

: Chris Lee Law Firm

  Filed under: Bankruptcy

bankruptcy mythsAll too often people shy away from the Texas bankruptcy process because of a misunderstanding. Many times, people hear inaccurate information that can deter them from obtaining the debt relief they so desperately need. While bankruptcy isn’t for everyone, there is much to be gained from the process for those whose financial situation does fit the bill. The first step, is understanding the truth.

Bankruptcy Truths

Some of the myths about bankruptcy can really be an unnecessary burden on an already stressful situation. Many people carry around the assumption that filing for bankruptcy makes them a bad, or irresponsible person. The truth is that very few people need bankruptcy protection simply due to poor money management and frivolous spending. The majority of people entering the bankruptcy process do so because of unavoidable circumstances like job loss, medical debt or the inability to maintain prior financial obligations. In any case, making the choice to change your undue financial strain is the best decision to make to ensure you, and your family, have a chance at a stable future.

Often feeling like the bankruptcy process will leave them powerless, people assume they have little control in the process. This is actually a misleading statement. The bankruptcy process actually requires the participation of the filer in many ways. While you may not be able to dictate all of the details surrounding how your case will be managed, the court will ensure the filer’s best interests are front and center. Further, it is up to the filer to ensure they complete the necessary requirements and take steps to start their fresh start with the best foot forward.


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