Happy Financial Literacy Month

Various groups aim to raise awareness of issues, broad subjects and diverse interests through designation of days or months in their honor. For example, October is now widely recognized and celebrated as Breast Cancer Awareness Month. Through educational outreach, events aimed to reach affected populations and the infamous pink campaign, most Americans are inspired to contemplate the presence of breast cancer in our society during each October.

April is Financial Literacy Month. This designation helps to focus the efforts of concerned organizations and individuals around the cause of educating the public about the basic and relatively complex financial issues that affect a great many Americans. One topic of particular interest to Americans this April is that of personal bankruptcy. Many myths surround the concept of bankruptcy. Educating the public about the basics of bankruptcy during Financial Literacy Month will help to ensure that all Americans can make informed decisions about their debt.

Each year, more than one million Americans files for personal bankruptcy. In the few years following initial filings, these Americans have a significantly decreased credit scores. Given how important strong credit scores are, many Americans are afraid to consider bankruptcy as an option. However, it is important to note that the credit score decline that results from bankruptcy is temporary. And failure to dig yourself out of overwhelming debt may result in far greater damage to your credit score than filing for bankruptcy does.

As Americans learn about the different kinds of bankruptcy available during this month dedicated to financial education, many will ultimately decide that bankruptcy is a good option for them personally. It is important to consult the expert advice of an experienced attorney if you have any questions about bankruptcy. April is all about learning new financial literacy skills. A qualified bankruptcy attorney can help you do so.

Source: MyFoxPhilly.com, "Know these bankruptcy facts before you file," Andrew Housser, Apr. 15, 2013