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Don't fall for common bankruptcy myths

Swimming in debt can have a negative impact on your life. When you don't feel like you have any way out because you simply can't make the payments, you might realize that you need to turn to bankruptcy. This isn't something that you should be ashamed of. It is a choice that can help you to regain control over your finances.

Saddled with debt from a Parent PLUS loan?

Data from the Sallie Mae program indicates that a mere 48 percent of today's parents have savings earmarked for their children's college education. As a result, many find themselves needing to take loans out to pay, or supplement, the kids' tuition bills.

Make plans to rebuild your credit after you file a bankruptcy

One of the primary concerns that people have when they are filing for bankruptcy is how the filing will impact their financial status in the upcoming years. There isn't any easy answer for this because there are many factors that can affect how a bankruptcy impacts you.

What property may I keep in a Chapter 13 bankruptcy?

Chapter 13 bankruptcies offer those who qualify for them many more flexibilities than other forms of bankruptcy, but most American's don't necessarily understand the difference between the two. When most people throughout the country think about bankruptcy or talk about it publicly, they often actually describe a Chapter 7 liquidation bankruptcy. Under that system, a person who cannot pay his or her debts forfeits property that does not qualify for exemption. A trustee then sells the property to make back some of the value of the debts before discharging much or all of the remaining debt.

Bankruptcy myth: You can never discharge student loans

Like most complex issues in society, there are a lot of misconceptions and myths surrounding bankruptcy. Some people believe it will preclude them from ever owning a home or getting credit again. Others may have heard that there simply isn't any way for student loans to get discharged in bankruptcy. This myth is particularly insidious, as it prevents people who could benefit from bankruptcy protections from considering the process.

When your degree does not lead to a high paying job

Student loans seemed like a great idea when you first started college. You could pay for your tuition, graduate and earn enough money to make the payments. Unfortunately, you only have a six-month grace period before you have to make that first post-graduation payment. When you are earning entry-level wages and trying to pay rent and take care of your other living expenses, it can seem like an impossible task to keep up with your student loans.

Many people with cancer have to worry about bankruptcy, too

When you first get diagnosed with a chronic or life-threatening illness, you worry mostly about your health and future. Will you see your children (or grandchildren) graduate school? Will the treatments cause pain and discomfort? Will you be part of the percentage of people who "beat" this condition?