Although it is a tool to help alleviate heavy financial burdens, bankruptcy is often treated as a dirty word. It’s also quite misunderstood. There are many things people believe about bankruptcy that simply aren’t true. I’ll debunk a few of the myths surrounding the process and hopefully help put your mind at ease if you’re considering this path to financial freedom.
Myth: Bankruptcy is Scary
On the contrary, the law provides bankruptcy as a means for a fresh start financially. It can help put a stop to creditor harassment, wage garnishments, and even prevent foreclosure. While bankruptcy laws can be complicated to navigate, the process certainly should not be thought of as scary, rather as a relief from financial burdens. The best way to put any fears to rest is to work with an experienced bankruptcy attorney such as myself. I have worked on bankruptcy cases since 1999, and I can say with certainty it is a beneficial option for many people! I’m here to help you throughout the process, from considering your options in an initial consult right through to completion and debt relief!
Myth: Bankruptcy Will Drag On
This simply isn’t true. The mental and emotional stress of financial burdens is bad enough, bankruptcy is a way to relieve that stress and give you a fresh start! Depending on which type you pursue, the process can be completed in as little as 90 days. Instead of spending those months burdened by your finances, you could be well on your way to your new beginning.
Myth: Bankruptcy Ruins Credit
Not true! This is one of the most common misunderstandings when it comes to bankruptcy. People often think that filing will ruin their credit future and their ability to take out loans. The reality is, bankruptcy relieves the crushing load of debt so that you can begin rebuilding good credit! When your existing debts are alleviated, you can begin to head in a positive new direction that will greatly benefit your future!
Myth: Your Property is at Risk
In my experience of almost two decades working with bankruptcy cases, losing property is incredibly rare. Nearly 100% of my clients never lose a thing. Thankfully, bankruptcy law outlines that some items can be protected as exemptions. These could be items such as a vehicle or home, up to a certain dollar amount specified by the law. During your initial consult, I will help you determine whether to utilize federal or state laws regarding exemptions. The main thing to remember, I will help keep your belongings safe while pursuing debt relief.
Those are just a handful of the common misconceptions when exploring bankruptcy. This could be the best option to lift the financial burdens weighing you down. I would be glad to discuss what bankruptcy would look like for you through an initial consult. Reach out to me today to begin on the road to financial relief!