While it may be true that most people living in Broward County, Florida, have a general understanding of what bankruptcy is, many may not be clear about what the actual process involves and accomplishes. That is why it can be very helpful to address common questions and misconceptions about Chapter 7 bankruptcy. The findings of a recent study explore the opinions and doubts Americans have about the popular form of bankruptcy.
There are several things that filing for Chapter 7 bankruptcy can accomplish. For instance, personal debts like loans, unpaid utility bills and medical expenses can be eliminated through bankruptcy. And while one recent study confirmed that approximately 1/3 of American adults understand that bankruptcy does not discharge unpaid child support payments, more than 70 percent of people mistakenly think bankruptcy can eliminate alimony debt. Similarly, the majority of people are unaware that student loans are not typically discharged in bankruptcy either.