Russo White & Keller P.C.
More Than 70 Years Of Combined Experience
Call Us Today 205-259-5439

Is Misinformation Keeping You From Filing Bankruptcy?

There is a lot of misinformation about bankruptcy going around. Unfortunately, people often accept this misinformation as fact. They allow themselves to suffer under a growing debt load because they think bankruptcy is bad or that it will somehow harm them. They suffer through creditor harassment, wage garnishment, foreclosure and more. All the while, their debt grows further out of control.

Before you wait another day, take a moment to get the facts and dispel the myths about bankruptcy. Here are some of the most common bits of misinformation that hold people back from getting the debt relief that bankruptcy can provide:

I Will Never Get Credit Again If I File Bankruptcy

What is your current credit score? If you are overwhelmed by debt, you may have already missed payments and your credit score has likely taken a hit. Think of bankruptcy as hitting the reset button. Once you overcome your debt and get back onto solid financial ground, you will be able to rebuild your credit score. People are often surprised at how soon after filing bankruptcy they can get credit again.

I Will Lose All My Property

There are different types of bankruptcy. Chapter 7 may involve the liquidation of some assets in certain cases. However, there are many exemptions. Depending on your situation, you may even be able to keep your house, provided you can keep up on your payments. Many people file Chapter 7 bankruptcy without losing any of their assets.

Chapter 13 bankruptcy is also an option. This type of bankruptcy allows for the creation of a debt repayment plan that works for you based on your income. In this type of bankruptcy, you pay off some or all of your debt on your terms. You keep your property.

Bankruptcy Is For Bad People

We understand that you want to do the right thing. You want to pay back what they owe. However, the government created bankruptcy specifically to help people who have gotten into difficult financial situations.

Think about how you got into this position. Perhaps you had a medical emergency that caused you to miss work and lose paychecks while resulting in expensive medical bills. Maybe you fell prey to high credit card interest rates and exorbitant late fees. When it comes down to it, you may not be to blame for your debt, and even if you could have somehow prevented this, everyone is entitled to mistakes, and you should not feel guilty for that. Instead, you should take this opportunity to get back on your feet financially so you can put this in your past, even if that means filing bankruptcy.

A Bankruptcy Lawyer Will Try To Force Me To File

At Russo White & Keller P.C., we will not force you to file bankruptcy. In a free consultation, we will examine your situation and let you know your options. If there are alternatives to bankruptcy, we will let you know and encourage you to pursue them. Our goal is to help you get debt relief, not for you to file bankruptcy.

No Comments

Leave a comment
Comment Information