New Hampshire may be the place to live free or die, but the cost can be high. The Granite State has a higher level of debt per person than the national average, with medical debt and student debt making up the lion's share of financial obligations.
Many people still have a negative view of bankruptcy, treating it like something they would prefer to avoid. They likely worry about how bankruptcy would impact their credit score and think it is only an option for certain people.
No one starts a career or makes an investment thinking about how it could go wrong. Smart financial moves often involve risk, and some people can lose everything without making any predictable mistakes. This is one of the reasons that bankruptcy allows people with heavy debt to attempt to start over and recover from the past.
Bankruptcy is a difficult possibility to face. Many years of work and investment must have gone awry for a person to have a high enough level of debt to consider it. But bankruptcy can easily happen to conscientious people with a modest living, and it can happen due to circumstances out of their control.
The possibility of bankruptcy may bring undue anxiety, as well as several questions. A few tips on the types of bankruptcy can make it much easier to understand.