Don't Fall For the Myths About Bankruptcy

If you have considered bankruptcy and discussed it with your friends or relatives, you have likely heard many of the myths that surround the process. The majority, if not all, of what you have heard is likely not true. If you are afraid that your reputation will be ruined, and that your friends, family and associates will know that you've filed for bankruptcy, this is not generally the case.

Generally only the very prominent and famous of our world go through any public knowledge of their situation or filing. Unless you are a celebrity or politician, for example, your local press will likely not pick up on your personal financial story. Generally, only your creditors will ever know that you filed for bankruptcy.

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You probably won't lose everything you own. In the vast majority of cases, often quoted as 95% by industry experts, the debtor retains all personal property. You will most likely get to keep all of your belongings, your home, and your car. Your attorney will be able to properly advise you regarding this aspect in your particular instance, and generally can put your mind at ease

Don't worry that you'll never be able to get credit again. Soon after the bankruptcy proceedings are completed, you will very likely start receiving credit card offers again. There are even second chance car loans for those who have filed bankruptcy. In some instances you can even keep credit card accounts with zero balances when you file for bankruptcy.

Following your bankruptcy action, you will have higher interest rates, but by being responsible, not over-spending and through paying your bills by their due dates, you will improve your credit again over time. Simply ask your bankruptcy attorney about your situation and what your credit expectations may be for the near future.

It is not true that wit a married couple that both spouses have to file, unless both of the parties have mounting debt in their names. If one spouse carries the majority of the burden under their name, the other will most likely not be included in the bankruptcy.

Bankruptcy can be brought on by a large number of variables and factors, so it is not true that only social losers and deadbeats go through it. Often, there are unusual scenarios involved that are out of the debtors control. Or it might be life changing situations as divorce, unexpected illness, death in the family, loss of employment, or other such situations. There is no shame in filing for bankruptcy through a reputable bankruptcy law firm.

Some bankruptcies are actually fairly quick and easy. It depends upon your personal situation, but by using a bankruptcy attorney, you are employing the expertise of a seasoned veteran of the bankruptcy process. They know the details and most efficient means of dealing with your personal situation. A bankruptcy lawyer will be an advocate for you from start to finish, and will ensure you get through your bankruptcy as easily and quickly as possible.

The truth is that the process of bankruptcy was legally enacted in order to help regular people like you. People who are honestly struggling against their financial situation and the harassment, stress, and strain that creditors can place on those who are unable to pay. Garnishments, foreclosures, repossessions and lawsuits are scenarios that can be remedied legally and without shame, through an attorney assisted bankruptcy.

Although there are alternatives to bankruptcy, such as debt consolidation, the one scenario that offers the potential of a real new beginning is bankruptcy. Many of the other so-called remedies actually prolong the financial strain experienced in a tightening financial situation, and don't offer the emotional stress release. With the assistance of a bankruptcy lawyer, the collection calls can be stopped once and for all, and your finances will be back under control for fresh start

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