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Bankruptcy in your 30s: Don't let these myths keep you from making the right choice

Are you in your 30s? If so, it's safe to say that you're going through some major life changes.

For example, you may be a new parent. Along with this, you may have recently purchased your first home. Also, you're hoping to advance in your career.

Unfortunately, this is also a time in your life when you may run into some serious financial challenges. For example, you may be buried in so much debt that you don't know what to do next. Along with this, you could find yourself out of work and unsure of how to make ends meet.

With all this in mind, you need to consider your options for getting back on track. For many, this means learning more about Chapter 7 and Chapter 13 bankruptcy.

As you learn more about bankruptcy, it's important that you never believe the following myths to be true:

  • You will lose everything. This is the most common myth associated with bankruptcy. Many people, especially younger individuals who don't know better, often believe that they will lose everything once they file. This is not true, even in the event of Chapter 7 bankruptcy.
  • Bankruptcy eliminates all your debts. As nice as this would be, it's not typically the way the process works. For example, you are almost always unable to discharge student loan debt in bankruptcy. The same holds true with child or family support debt.
  • Filing for bankruptcy will ruin your future. There is no denying the fact that filing for bankruptcy will have a negative impact on your immediate ability to get credit, but this doesn't mean it will last forever. Over time, you have the ability to reestablish your credit and increase your credit score.

If you focus on the facts associated with bankruptcy, if you keep these common myths out of your mind, you will have a better idea of what this process can do for you.

You're still young enough to make things right with regard to your finances. For this reason, if you find that bankruptcy is the best option, don't hesitate to move forward. Once you make your way out the other side, you'll look back and realize that this was the right thing to do.

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