You may have heard the myths floating around about bankruptcy, some of which may have you concerned about taking the plunge. If you're not sure about what to do, it seems like Donald Trump may be one of bankruptcy's biggest supporters.

Donald Trump claims that he's never filed for bankruptcy personally – and that is accurate. However, he has made it clear that he believes that in some cases filing for bankruptcy is the best legal move.

Sometimes Bankruptcy is the Best Legal Move

At times, it would be very difficult for Trump or anyone else to argue that bankruptcy wasn't the smartest thing to do when a business is struggling to keep its doors open. Because bankruptcy can be better for business – that's exactly why Trump has strategically filed for bankruptcy in his business dealings.

If the biggest business people use the bankruptcy laws to their advantage, why shouldn't the average person use them to their advantage too?

Also, what if most, if not all of the bankruptcy myths you heard weren't true?

In many situations, filing for bankruptcy is the smartest tool that a person should consider. The same way Donald Trump used bankruptcy to propel his businesses, regular people should consider bankruptcy to move them forward financially.

Not only is Donald Trump the poster child for bankruptcy, the Federal Reserve Bank of New York agrees that those who file for bankruptcy are better off financially than those who don't.

If you're worried that if you file for bankruptcy, it will shine a spotlight on you, know that filing for Chapter 7 bankruptcy isn't personal and the call center staff at your credit card company, or the people in the accounting department at the hospital where you have a bill won't give it a second thought.

In the words of Donald Trump, "It's just business."