There are dozens of myths about bankruptcy that don’t have any basis today. Sometimes, myths were created out of a misunderstanding of the purpose of bankruptcy. Sometimes, it’s a result of changes in laws over time that bankruptcy is misunderstood. 

It’s important that you know what bankruptcy is and isn’t, so you can make wise choices about using it to help your financial situation. Here are three myths and what you should know about them.

If you’re married, you’ll have to file for bankruptcy together

You’d be surprised to know that you don’t. If you have debt but your spouse doesn’t, you can pursue a bankruptcy on your own. If the debt is in both of your names, then you will need to file together. 

You can use bankruptcy to discharge debts you created just before filing

This isn’t true, either. Putting numerous charges on your credit cards could constitute fraud if you intended to file for bankruptcy after doing so. Any debts that are taken on as a result of fraud aren’t discharged, so be cautious about your spending.

Anyone who needs bankruptcy is irresponsible

This is probably the most harmful myth of all. The reality is that everyone can go through a rough patch in life, and bankruptcy could be a result of a situation that is out of someone’s control. If you have lost a job or suffered from a medical emergency, even being prepared with a savings might not be enough. It’s important for you to know that bankruptcy is designed to help.

Bankruptcy myths can be harmful, but learning the truth should make it easier to decide if you want to seek bankruptcy in the future.