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Study Shows Most People Don’t Understand Bankruptcy

Posted on : January 29, 2018, By:  Grace Chang
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A new study including more than 1000 different Americans indicates that most people do not have a comprehensive understanding of a broad variety of personal finance issues including bankruptcy. This study stipulates that less than half of participants were able to confidently explain what a 401(k) was or the service it provided. The research was commissioned by a company called Guide Vine and it revealed that more than half of study participants felt lost when it came to putting together a stable and long term financial plan. When asked particularly about bankruptcy, less than half of the study participants were able to effectively define what this means.

Getting in over your head is all too easy if you fall behind on your bills and you don’t know how to keep up. Far too many people find themselves in this situation and don’t know where to turn. All hope is not lost if you can’t keep up with your bills, however. You don’t have to keep dealing with the calls from creditors if you think you’ll never be able to get on top of the situation. You should set aside time to talk to a lawyer.

Bankruptcy, whether it is filed under Chapter 7 or Chapter 13, can be an important opportunity for people who need to start over and receive a blank slate when it comes to their financial issues. Dealing with comprehensive problems associated with bankruptcy can be overwhelming for many different people but consulting with an experienced bankruptcy lawyer is one way to figure out the best way to handle the situation. If you think that bankruptcy may be in your future, it is important to empower yourself with the right information to make an informed decision about your future. Dealing with the various issues surrounding bankruptcy can be challenging if you’re trying to manage the situation on your own. But the insight of a bankruptcy attorney who has practiced in this field for many years can be a vital source of information to enable you to pursue a fresh financial start that can make your future much easier to handle.