As a New York City Bankruptcy Attorney, my job is to clear up many popular Bankruptcy misconceptions. These days individuals are inundated with fault information, sometimes from the very companies that are looking for their business, as to Bankruptcy and its implications on their credit and their future financial lives. In order to make an informed decision, an individual needs to know the facts surrounding Bankruptcy law. Lets deal with each of them.
Bankruptcy Will Ruin Your Credit Forever
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Bankruptcy stays on your credit report for up to ten years. However, your credit score will increase (what lenders look to when deciding if they should lend you money) within a short period of time. Individuals can be qualified to purchase a home in as little as three years following filing. In fact, many Bankruptcy filers have received credit card offers in as little as six months after filing for Bankruptcy. The truth is thousands of clients have gone on to purchase cars, homes, receive loans, and live normal financial lives after filing for Bankruptcy. Therefore when you read someone state "Bankruptcy will stay on your credit report and ruin your credit forever" simply ask that person to prove it. They wont be able to.
Filing Bankruptcy Will Stop You From Getting a Job.
Another popular misconception that various companies would like you to believe. Discrimination in hiring based on filing for Bankruptcy is prohibited by Federal Law. Enough said.
"You Can Repay Your Debts If You Use My Program".
Lets be honest about many family's financial situations and what they can and cannot afford to do. If an individual or a family is in $30,000 worth of credit card/medical debt, and that individual/family is earning a combined $75,000 a year, they are likely bringing home approximately $4500 a month. After paying for rent or a mortgage, a car note, food, clothes, electricity, student loans, taxes, phone, internet, gas, tolls, there is not much left over to pay the cards, especially when they are likely charging close to 20% interest. "Debt Repayment Program" touting themselves as the solution are doing nothing more than putting that individual further and further in debt, promising something they overwhelmingly cannot deliver. Usually, within 90 days from the filing of a Bankruptcy, the $30,000 of debt can be erased, a person can sleep at night, and save money in their interim for their future financial goals.
Bankruptcy has helped countless individuals across the country get their financial lives back in order in a short period of time. Do not be fooled into thinking Bankruptcy is a toxic last resort that must be avoided at all costs or that you must pay a company over the span of years to erase your debt. Know all of the facts and make an informed decision.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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