When it comes to the most important things in our lives, we often turn to friends and loved ones for advice. But, when it comes down to things like bankruptcy more often than not our friends and loved ones are unfortunately uninformed.A lot of things people think about bankruptcy are just plain wrong and might lead you to making an unwise decision.
Here’s why: A lot of people think that bankruptcy is for lazy people, will permanently destroy your credit, and that you will lose your house. But these three myths often prevent people with crushing amounts of debt from getting the help they need. Instead of getting a fresh start through bankruptcy, these myths convince people who believe things like debt settlement are good options. We have learned that debt settlement is actually often times a scam: it provides no legal backing, can take years, can seriously impact your credit report, and doesn’t guarantee that any of your debts will actually be erased.
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I'll separate the fact from fiction on bankruptcy:
Myth 1- Bankruptcy is for dead beats. If this were true, I seriously doubt there would be laws set in place to protect them. The bankruptcy laws are actually made for hardworking people who find themselves in hardship because of debt. In reality, most people file for bankruptcy because of reasons that are beyond their control, like a medical emergency or a job loss. I know first hand how hard it is. I filed bankruptcy myself! Bankruptcy is for responsible people who recognize that they need help and actively seek out a fresh start.
Myth 2- Your credit history will be destroyed. Bankruptcy is going to be on your credit history, but not forever. If you are thinking about filing bankruptcy because you have a crushing amount of debt, let’s be honest, your credit most likely isn’t looking too good anyway. A bankruptcy can really assist your credit score after giving you credit card debt help you will have a fresh start to rebuild your credit.
Myth 3- They will take my home. You know, 99% of the time my clients are able to keep their homes and other property. Protection from foreclosure is just what a good bankruptcy attorney will be helping you get. In fact, there are different kinds of bankruptcy that are specifically designed for people who want to keep more or less property!
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