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Bankruptcy Myths Debunked
Many negative things are circulated over the internet and through personal interaction regarding bankruptcy. Often these are myths and rumors, with no or little truth to them. When you need firm financial advice regarding your debt situation, contacting a bankruptcy attorney to get the true data is vital. At the BK Law Group PC, Attorney Gail Balser, and her staff has the knowledge you will need to fully discuss your options when it comes to dealing with your debt and finding out if bankruptcy is right for you. Below are some common myths regarding bankruptcy.
It’s difficult to file for bankruptcy
Although complicated, it is not a difficult procedure. When you have an experienced bankruptcy lawyer working with you, the most difficult part of it will be in making your own personal decision as to whether to file or not.
Everything you own will be taken away from you.
Although you will give up certain assets, many are protected by Bankruptcy laws. Standard items exempt from being part of the bankruptcy include such things as your home, family heirlooms, retirement savings and your car, just to name a few.
You will not be able to buy things again
Quite untrue. Purchasing whatever you want is not a restriction set anywhere in a bankruptcy. Whether you can afford to is another matter. Your credit will need to be re-established and may cost you more than it did before, but will still be available.
You will not be able to get credit again.
Most individuals after completing their bankruptcy will get credit offers which they can use to start rebuilding their credit. You likely will pay more for your loans than previously through higher interest rates, but in time these rates will come down.
You can get rid of all of your debts through bankruptcy.
Although you can discharge quite a few types of debt, certain ones such as child support, alimony, taxes and student loans are still owed and cannot be discharged through any type of bankruptcy.
Filing for bankruptcy will affect your credit for 10 years
It is likely your credit was already impacted severely due to overdue payments, any wage garnishments or lawsuits brought against you. Although a bankruptcy will appear on your credit history for 10 years, your credit rating will begin to improve as time goes by and you re-establish your credit.
Find help in clearing up any bankruptcy myths by contacting one of the bankruptcy attorneys at the BK Law Group PC today.