There are a number of reasons why people may need to file for bankruptcy. Medical bills, divorce, job loss, significant loss of income and unaffordable debts are common reasons. However, many people have the wrong idea about bankruptcy. Some people who may benefit from bankruptcy protections may wait to file for the wrong reasons. It is a common belief that you lose all of your assets in bankruptcy. Another common belief is that bankruptcy permanently affects your credit. These common misconceptions can be responsible for making a difficult financial situation even worse. Bankruptcy is not for people with nothing to lose, it is for people who have assets they want to protect. Depending on your specific financial situation, waiting to file could put your finances in worse shape and may even allow creditors to begin seizing your most important assets. Bankruptcy Protects You From Most Creditors An automatic stay goes…
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