For many people suffering from financial distress, bankruptcy often represents a “low point” that they want to avoid at all costs. However, this fear and hesitancy often comes from misconceptions about bankruptcy that are surprisingly common among regular people. Here are five common misconceptions people have about bankruptcy:
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The decision to declare bankruptcy is a very significant one, and is never taken lightly. And yet, every year more than 500,000 people declare bankruptcy across the United States. The reasons that people declare bankruptcy are varied, but tend to fall into a few broad groups. Here are five of the biggest reasons that people consider declaring bankruptcy:
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