4 Bankruptcy Myths -- Debunked

Sometimes, even the most fiscally responsible people wind up in situations where they're unable to pay their bills. In fact, the single greatest cause of bankruptcy among U.S. filers isn't reckless spending, but rather medical debt. If you've reached the point where you're unable to keep up with your bills, Chapter 7 bankruptcy may be an option for you to consider.

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Chapter 7 offers filers a chance to liquidate their assets, eliminate much of their debt, and start over with a clean slate. However, there's also a lot of mystery surrounding Chapter 7, and it's certainly not a decision to be taken lightly. Let's debunk a few common bankruptcy myths you may have heard.

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1. You'll lose everything if you file

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