While more than a million U.S. citizens have filed for bankruptcy in each of the past few years, some bizarre myths about bankruptcy still remain.
Perhaps the most persistent myth is the idea that some sort of stigma is associated with bankruptcy. In today's credit-based economy, a vast number of financially responsible people file bankruptcy to relieve their debts. It's not taboo like it may have been in the past.
Bankers, doctors, even pastors have filed bankruptcy. Heck, even Donald Trump has filed for bankruptcy!
Like Bigfoot, the Loch Ness Monster and free lunches, some bankruptcy myths persist despite a complete lack of evidence of their existence. Below, some popular myths are debunked:
If you have other questions about bankruptcy or want more facts about bankruptcy, talk to a local bankruptcy lawyer directly.
Speak with a local attorney for a free, no-obligation consultation: