Debunking Myths About Bankruptcy

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In this episode, the Louisa Larado debunks common myths surrounding bankruptcy. She addresses misconceptions about losing everything, losing your job, getting a loan, having your wages garnished, bankruptcy being publicly known, getting a rental, traveling, having savings, and feeling like a failure. Louisa shares her own experiences and provides reassurance that bankruptcy is not the end of your financial journey. She encourages listeners to seek professional guidance and emphasizes the importance of changing your money story and creating a positive relationship with money.
Takeaways

• Bankruptcy does not mean losing everything. You can keep your furniture, personal items, and vehicles under a certain value.
• Your employer does not find out about your bankruptcy, and most jobs are not affected by bankruptcy.
• You can still get a loan and have a good credit rating after bankruptcy.
• You can earn money and keep a portion of your earnings during bankruptcy.
• Bankruptcy is not publicly known unless someone pays a fee to access the bankruptcy register.
• Getting a rental and traveling are still possible during bankruptcy.
• You can have savings and a bank account during bankruptcy.
• Bankruptcy is not a sign of failure but an opportunity for a fresh start and financial growth.
• Seek professional guidance and change your money story to rebuild your financial situation.

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Disclaimer: The information contained on today’s podcast has been provided as general advice only. The contents have been prepared without taking into account your objectives, financial situation or individual needs. Before making any decision regarding the information, strategies or products mentioned on today’s episode, please consult your own financial advisor or other professional first.