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Urban Legend #2 - People File Bankruptcy Because They Live Beyond Their Means

By Keith Rucinski, Akron, OH
Chapter 13 Trustee

woman_looking_at_finance

“Only people who live beyond their means file bankruptcy.”

When people think of individuals who have filed bankruptcy they often think of people who cannot manage their money and live “beyond their means.” Images of expensive cars and large homes often come to mind, this is not commonly seen with those who file for bankruptcy. This is one of the most common urban legends about bankruptcy and those who seek bankruptcy protection in order to get a fresh financial start.

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