Today with many options available for purchasing things on credit, it can be easy for finances to get out of control. Then you constantly feel like you’re taking two steps forward and one step back! There is no shame in turning to bankruptcy, especially when your debts are ruling your life. In fact bankruptcy is a tool to pursuing financial freedom, and is there to help people like you get a fresh start financially.
There can often be a lot of fear surrounding bankruptcy, but those who could file would greatly benefit from the stress relief it offers. Because it’s a complex process, often people have misconceptions or fears when they are considering bankruptcy. So I decided to clear the air. Let’s take a look at some things that bankruptcy can’t do.
Bankruptcy Can’t Prevent You From Getting a Job
Nor can it cause you to lose your job. It’s actually illegal for employers to let go of an employee due to bankruptcy, as well as not hire based on it. While some companies do look at your credit information, this improves within a short few years after filing and as stated, they cannot discriminate based on it. It’s very rare and nearly impossible to do.
Bankruptcy Can’t Permanently Ruin Your Credit
This is one of the biggest misconceptions about filing for bankruptcy – that your credit will be ruined for years to come. While bankruptcy does remain on your credit report, (seven years for a Chapter 13 filing and ten for a Chapter 7,) you can begin to rebuild your credit after your debts are discharged. You can do this by taking a very conservative, responsible approach to your new financial lease on life! Within just a few short years, you’ll begin to see a completely positive turnaround!
Bankruptcy Can’t Keep You From Buying a Home
You may be thinking of filing for bankruptcy before you’ve ever even considered purchasing a home, however that doesn’t mean you’ll never be able to buy. Some people think they’ll have to wait many years for the bankruptcy to drop off their credit report to be able to get a mortgage. The truth is, if you make a point to rebuild your credit after filing bankruptcy, you could be in a position to apply for a mortgage just two years later!
Bankruptcy Can’t Make You Lose Everything
The process of filing for bankruptcy is structured such that some items and assets can be protected. In my nearly 20 years of experience as a bankruptcy attorney, it’s incredibly rare that clients lose their homes or cars in the process.
But that’s exactly why it’s essential to work with an experienced bankruptcy attorney who can help you choose the best course of action, laying out for you what bankruptcy can do and putting your fears to rest. I’m here to help you pursue this step into financial freedom, so give my office a call today to set up a free consult!