Many people are under the impression that filing for bankruptcy can cause them to lose their homes and cars. These individuals may already be drowning in debt and struggling to make payments to keep their homes out of foreclosure and their vehicles out of repo status. Bankruptcy can help those who are having trouble with debt to overcome their financial issues and save their property, in some cases.
For most of us, debt problems begin with credit cards. If we lose our jobs or have a health problem or get divorced, we turn to our credit cards "just temporarily."