Bankruptcy Myths

Bankruptcy Attorney

There are many myths surrounding bankruptcy and they should be dispelled at once. The first and most common myth is that your credit will be destroyed for 10 years. Although it is true that the bankruptcy will show on your credit report for 7 - 10 years, what most people discover is that their credit can be rebuilt much faster than they thought possible. Most people or couples who file bankruptcy are already in trouble with their credit and their scores are at the bottom before they even start the bankruptcy process, as they have had many overdue or non-payment on their credit report. When the bills are completely discharged, these show on your credit report as well - a huge improvement as your debt to income ratio completely changes. Most people find that within a short period of time they begin receiving offers for high interest or secured credit cards that they can use to build a new and better credit rating.

Bankruptcy Lawyer

Another myth is that there is a "stigma" or humiliation involved with bankruptcy. There have been such a large number of bankruptcy filings in the past years that it is no longer viewed that way by the public at large. It is likely that many of your friends or neighbors have already filed for bankruptcy and are enjoying the freedom from debt that the process brings. Most people who file either Chapter 7 or Chapter 13 are regular, ethical and hardworking people who have gotten into financial trouble through circumstances they couldn't control, including increased mortgage payments, divorce or medical problems that resulted in huge bills. No one will know you filed for bankruptcy unless they make a concerted effort to search out the information, and it is very unlikely that this would ever occur.

Filing for bankruptcy is an opportunity - provided by the federal government - to get a fresh financial start. Take advantage of the bankruptcy laws before your situation gets even more serious, and talk to one of our lawyers, who will help you to determine how to move forward with your petition.

Contact a Bankruptcy Attorney to find out the truth about filing for bankruptcy and to understand the truth about the process and its advantages to you and your family.