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Setting The Record Straight: Bankruptcy Myths Debunked

When you are in over your head financially, it can be easy to fall prey to get rich quick schemes and allow unscrupulous companies to take advantage of you in the hopes of getting out of debt fast. Even companies that seem legitimate can cause you more harm than good, so if something sounds too good to be true it is probably not a good choice. Debt consolidation companies can be helpful, but you have to do your research first to make sure they can deliver the results promised. Many times a debt consolidation company will claim they can reduce all of your bills, but the plain truth is your creditors are not required to work with these companies. One sure fire way to lower your bills and eliminate debt is by seeking the protection of bankruptcy. But, even then you need to be aware of the rules and know what to expect. There are too many myths about bankruptcy out there, and we are here to set the record straight.

The Bankruptcy Code allows for debtors to eliminate debt, or to consolidate it through the Courts, under certain circumstances. Some of the most common urban legends surrounding bankruptcy include:

  • You can keep your things without paying: this is not true. Even in bankruptcy if you want to keep your car, or your house, or your motorcycle you still have to make payments.
  • You will not be able to get a loan: contrary to popular belief, creditors are out there willing to make loans to people who have gone through bankruptcy. In fact, you may be surprised at the number of solicitations you receive, but be careful about taking on new debt. If you are able to make the payments on a loan or credit card, doing so will help to repair your credit faster.
  • Your credit will be ruined if you file for bankruptcy: while the notation that you filed bankruptcy will be on your credit report, your credit score will not be ruined. And, if you are able to take on new debt after your case and manage it in a responsible way, chances are your credit will bounce back quickly.

Don’t be fooled by the myths out there about bankruptcy. Instead, call us for the information you need in order to make an informed decision about whether bankruptcy is for you. We have experience helping people file bankruptcy, and get the fresh financial start they deserve. Let us help you too.

 

For assistance with bankruptcy issues, call our office today. Call a Plantation, Florida debt relief attorney today for more information.

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