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Bankruptcy Myths

Bankruptcy Myths and Truths

Beware of Bankruptcy Myths

There are a lot of myths surrounding bankruptcy and the impact that it can have on a person’s life. If you or a loved one are considering filing for bankruptcy, it is highly important that you retain the defense of a trusted bankruptcy lawyer from Cherney Law Firm, LLC. With the guidance of a dedicated attorney from my firm you may be able to retain a positive outcome for your bankruptcy case. I am fully prepared to assist you with debt relief and provide you with understanding and knowledgeable representation you deserve. When you work with my firm, we will dispel any bankruptcy myths and help set you on a path toward financial freedom.

Myth: Bankruptcy will get rid of all my debts.

Although bankruptcy may be a great option for people who cannot afford to pay off debts, bankruptcy does not get rid of all the money you may owe. Some items, such as unsecured debts will be dissolved by filing for a Chapter 7 bankruptcy, but others cannot be completely erased. Student loans, structured settlements and child support must still be paid.

Myth: Bankruptcy will ruin my credit.

People are often afraid to file for bankruptcy because they assume that their credit will be ruined for years to come. Yes, it is true that bankruptcy will stay on your credit report for at least ten years, but it will not stay on forever. In fact, you can begin rebuilding your credit as soon as you file and work towards starting fresh.

Myth: Only irresponsible people file for bankruptcy.

This is not true at all. Many people find themselves in difficult financial situations and do not know where to turn. Bankruptcy can be a valid option for families, companies, millionaires and blue-collar individuals. Sometimes medical expenses, inflation, injury or loss of a job may force someone to have to file for bankruptcy.

Myth: I will lose everything if I file.

Depending on the Chapter of bankruptcy that you file under, you do not necessarily run the risk of losing everything. If you file for a Chapter 13 bankruptcy you can work with the courts to establish a pre-determined payment system that can help you pay off debts. That way, you can file bankruptcy and keep your car, home, or boat.

Myth: You can file for bankruptcy multiple times.

Bankruptcy is something that can be used to assist you when you have no other options. You can file for bankruptcy a few times, but you cannot file every year. In fact, depending on which chapter you file under, you may have to wait at least eight years before you file again.

Moving Forward with Bankruptcy

Now that we have cleared up some bankruptcy myths, are you ready to file for bankruptcy? Do you still have questions about bankruptcy? We strongly recommend that you contact a Georgia bankruptcy attorney as soon as possible. At Cherney Law Firm, LLC, I stand ready to provide you with quality representation in your time of need. If you have questions or concerns do not hesitate to contact my firm today and schedule a free case evaluation as soon as possible.