There are a number of myths that surround Chapter 7 bankruptcy. Whether they seem positive or negative, false myths can be harmful to those who are trying to decide if bankruptcy is right for them because false information can be misleading. In order for a person to make a well-informed decision, they should know which myths about Chapter 7 bankruptcy are true and which are false.
In Oregon as well as throughout the nation, many people with financial challenges have sought help with high, overwhelming debt in recent years. For individuals or couples, Chapter 13 or Chapter 7 bankruptcies have been able to offer help and the ability to get a fresh start. Many companies as well have found a bankruptcy to be an effective way of restructuring and keeping their businesses afloat.
When a person in Oregon does not have the money to purchase the necessary or wanted things for themselves or their family, they may choose to use credit cards to make purchases, or take out high interest loans to meet their obligations. As these loans and cards accrue interest, the debt becomes overwhelming and the person can’t keep up without borrowing more money. Eventually, when the bills pile up and they are looking for ways to get out of debt, they may choose to use bankruptcy as an option to escape harassing creditors and get a fresh financial start.