For many people, bankruptcy can feel like a financial doomsday. But if you’ve found yourself in this position, you should know you’re far from alone. In fact, the Judiciary News for the U.S. Court system estimated that bankruptcy filings increased by 16.8% in 2023.

Unfortunately, negative attitudes around filing for bankruptcy can make it seem like a personal failing. These attitudes are rooted in pervasive myths that bankruptcy experts would frankly like to dispel.

GOBankingRates spoke with several experts to get a clearer understanding of the common myths about this fraught topic.