Facing financial hardship can be extremely stressful for those involved. Often, the option of filing for bankruptcy is the most logical course of action.
As filing for bankruptcy is such an important decision, it is important to separate myth from reality. There are many misconceptions in circulation that can make the process unnecessarily stressful. Outlined below are three common misconceptions about bankruptcy in Connecticut.
Bankruptcy is only for people who have behaved irresponsibly
Sadly, many hard-working Americans find themselves in financial hardship through no fault of their own. Of course, mistakes are frequently a factor, but no person is immune from human error. Bankruptcy offers a form of protection for those who have fallen on hard times financially. It can be viewed as a way to start again rather than an ending.
The bankruptcy process always takes years
A bankruptcy can often be completed relatively quickly, without the need for regular court appearances. Frequently, cases are concluded within a matter of months or even weeks in certain scenarios.
Bankruptcies ruin credit scores
Although bankruptcy will affect your credit score, this does not mean that you cannot rebuild it. A bankruptcy can provide you with a fresh financial start whereby you can better organize your finances, make sure that you don’t amass excessive debt and bills and pay off any debts you owe regularly and on time. With high levels of financial organization, you can begin to build up your credit again in a relatively short period of time.
Separating misconceptions from reality with regard to bankruptcy in Connecticut can help you decide if this debt relief option is right for you. If you are considering bankruptcy as an option, then you should learn more about the process.