Bankruptcy Myths
Call an Experienced Bankruptcy Lawyer
Many people believe bankruptcy is a life-changing decision that can permanently damage their reputation and credit history. While it is true that you should not take declaring bankruptcy lightly, the idea that it will ruin your credit for the rest of your life is just one of several common myths. Bankruptcy exists to help people overcome their crippling debt and get a fresh start to their lives, helping them to restore their credit score and reputation with lenders and creditors.
Common Bankruptcy Myths and Misconceptions
Bankruptcy ruins your credit.
Declaring bankruptcy impacts your credit, yes, but “ruining”
it could not be further from the truth. Bankruptcy is a tool designed
for helping those stuck in overwhelming debt to
restore their credit by giving them a clean slate. While declaring bankruptcy
stays on your record for several years, some people actually see an immediate
improvement in their score after filing.
Only bad people file for bankruptcy.
Most people who file for bankruptcy are not bad or irresponsible people,
just good people who have fallen on hard times through one or two bad
breaks. A serious illness, a car accident, or a natural disaster can all
place someone under significant financial stress that they may not be
able to recover from. We always treat every client with the utmost professionalism
and provide respectful and discretionary service.
Anyone can file for bankruptcy.
Bankruptcy is not a solution available for everyone. You must meet eligibility
requirements, such as the means test for
Chapter 7, or have enough disposable income for a debt reorganization by
Chapter 13. If you do not qualify, you may wish to look into a bankruptcy alternative
that can help you with your debt.
Bankruptcy alleviates all debt.
Certain types of debt are mostly immune from declarations of bankruptcy,
most notably student loan and tax debt. Certain rare circumstances will
allow you to alleviate these types of debt with bankruptcy, but they are
extremely infrequent. Speaking with a lawyer can provide you with a better
picture of which of your debts do and don’t qualify for relief via
bankruptcy.
Call a Skilled Bankruptcy Attorney Now!
At the Bach Law Offices, our attorneys have more than 40 years of combined legal experience putting the law to work protecting consumers. We understand the complicated and stressful nature of bankruptcy cases, and we work diligently to help those impacted by the weight of crippling debt to restore their lives by giving them a fresh start. We can help you navigate through your case and make facing the intimidating bankruptcy process easier with effective and reputable legal counsel.
Schedule a free in-person consultation with the Bach Law Offices at (847) 448-0025.