Debunking Some of the Most Common Bankruptcy Myths

Although some people may have you believing differently, there are great benefits to bankruptcy protection. Bankruptcy is a process through which an individual can obtain the assistance and financial relief needed to get a fresh start, and to regain control in financial difficulties. Any person, regardless of their social status or prestige, may eventually be facing financial ruin. An unexpected divorce, an accident resulting in serious injuries, the loss of a job and many other factors are all capable of causing extreme financial trouble. If the creditors are at your door, your expenses far exceed your current income, you have exhausted all other resources and you cannot pay your debts, bankruptcy may be a viable solution.

The first thing we'd like to do, if you are considering filing for bankruptcy, is help debunk some of the most common bankruptcy myths. It is these myths that often prevent good people like you from taking advantage of the help only a bankruptcy will be able to provide. We do not judge our clients. We are here to help you successfully navigate through the bankruptcy or debt relief process, and receive the fresh financial start you deserve, and have a right to under federal law.

One of the most common bankruptcy myths we have encountered over the years is that filing for bankruptcy is an irresponsible action. To the contrary, those seeking bankruptcy protection are taking an active role in regaining control of their finances. Doing nothing usually makes matters worse. Being sued, having your wages garnished, losing your home, getting your vehicle repossessed and other problems can occur as a result of one failing to fulfill his or her financial obligations, will not help you or your family. Filing for bankruptcy can alleviate all of your financial worries, stop any legal actions and get you headed in the right direction once again.

Another bankruptcy myth has led people to believe that when they file for bankruptcy their spouse must do so as well. This is not necessarily true. If you have joint debts, filing for bankruptcy together will help prevent creditors from seeking payment from your spouse after you have filed. Our firm will be able to review your finances, advise you and your spouse of the options available to you and help you determine how to proceed. It is important to note that not all debt will be discharged in a bankruptcy. The type of bankruptcy protection you seek, whether Chapter 7, 11 or 13 will have a large impact on how your debts will be handled. Certain debts including back taxes, child support payments, student loans, court fees and secured debts will be excluded from bankruptcy protection and therefore must still be paid.

You may be wondering if filing for bankruptcy will ruin your credit. If you are considering bankruptcy, your credit is probably already compromised. By filing for bankruptcy you are putting an end to financial problems, and getting a fresh start. Bankruptcy will help you get back on the road to establishing the good credit you once enjoyed. To find out more about how our firm can assist you with your bankruptcy, contact Bryant, Logan, Wheeler Law Group, PLC and schedule to meet with a skilled Wayne County bankruptcy lawyer as soon as possible.

Categories: Bankruptcy Myths