If you are struggling to pay your bills and repay your creditors, you may feel that all hope is lost. For many individuals, overwhelming debt and constant calls from debt collectors can be stressful and can affect every aspect of your life. Fortunately, there are options available even to those in the worst financial situations. By filing for bankruptcy, you may be able to free yourself from the burden of debt and start over with a clean slate and a bright financial future.

Unfortunately, there are many common myths associated with bankruptcy, many of which make individuals hesitant to even consider it as an option. It is important to remember that bankruptcy is not a problem, it is a solution. Below is a list of common bankruptcy myths and the truth behind them.

MYTH: Your employer or future employers will find out if you file for bankruptcy.

TRUTH: Employers (and prospective employers) have to request permission from you before running any type of credit check. Also, by filing for bankruptcy, you may be able to avoid the embarrassment of court-imposed wage garnishments and creditor calls to your workplace.

MYTH: Your spouse is ALWAYS required to file for bankruptcy if you do.

TRUTH: Every bankruptcy filing is different and depends on the individual’s specific financial situation. If you wish to file for bankruptcy, your spouse does not automatically have to file as well.

MYTH: You will lose everything when you file for bankruptcy.

TRUTH: By filing for bankruptcy, you will actually be able to protect important assets like your home, car, tools used for work, and other possessions. An experienced bankruptcy attorney can help you determine which type of bankruptcy will best protect your assets.

MYTH: Bankruptcy is a financial death sentence.

TRUTH: For many individuals, filing for bankruptcy is a way to draw a clear line between your negative financial past and a brighter financial future. Bankruptcy is far from a “death sentence”, as it may actually help you free yourself from harmful debt and start over.