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Top 9 Myths About Filing For Bankruptcy
THE
LEAST YOU NEED TO KNOW ABOUT BANKRUPTCY MYTHS:
- What most people think they know about
bankruptcy is wrong.
- Believing the myths can hurt you and your family.
Bankruptcy Myth #1: Bankruptcy
is no longer available for most people.
Truth:
Bankruptcy protection for
deserving individuals and families is still widely available.
Filing is more complex now than in the past, but an experienced
bankruptcy attorney can help guide you through this bankruptcy maze.
Bankruptcy Myth #2:
I'll never get credit again after filing
bankruptcy.
Truth:
You can get credit again,
typically within weeks of your case ending. You can completely
rebuild your credit rating within one to two years post-bankruptcy.
Bankruptcy Myth #3:
I'll lose everything I own if I file bankruptcy.
Truth:
In the Dallas - Fort Worth
area, most people keep everything they own and lose no property as a
result of their bankruptcy.
Bankruptcy Myth #4:
Bankruptcy lawyers are all the same.
Truth:
There can be drastic
differences from one attorney to the next. Some may be fresh out
of law school. Others may just "dabble" in bankruptcy to make some
extra income. Some lawyers run "bankruptcy mills" where the main
objective is filing as many cases as possible instead of making sure
those cases are successful. Who you choose as your bankruptcy
lawyer will seriously affect your life for years to come.
ALL LAWYERS ARE NOT THE
SAME!
TRUST YOUR INSTINCTS.
HIRE A LAWYER YOU LIKE AND TRUST.
Bankruptcy Myth #5:
Debt consolidation is always better than filing
bankruptcy.
Truth:
Debt consolidation agencies
often make things worse by charging high fees and not living up to their
obligations. Some debt consolidation firms charge upwards of
$20,000 to "help" you consolidate your debts. Debt consolidation
can only work if your creditors voluntarily agree to it.
Bankruptcy works regardless of whether your creditors agree or not.
Bankruptcy Myth #6:
Only financially irresponsible people declare
bankruptcy.
Truth:
Most people declare
bankruptcy because of medical bills, divorce, or losing a job.
Cases of bankruptcy fraud or improper behavior are rare and are
prosecuted vigorously by the government. Responsible people do the
smart thing and file an ethical bankruptcy.
Bankruptcy Myth #7:
I will have to go to court and that scares me.
Truth: Most
people in the Dallas - Fort Worth area who have a attorney helping them
file bankruptcy never see the inside of a courtroom. If you file
without an attorney you are more likely to have to appear before the
bankruptcy judge in their courtroom.
Bankruptcy Myth #8:
Everyone I know will find out I have declared
bankruptcy.
Truth:
A bankruptcy filing is a
public record, but unless you are famous the only people who are likely
to know about your bankruptcy are your creditors and those you choose to
tell.
Bankruptcy Myth #9:
Filing bankruptcy makes me a bad person.
Truth:
Filing bankruptcy does not
make you a bad person if you do it right. Bankruptcy helps society
by giving people an opportunity to be productive citizens again and
contribute to society. Some prominent people who have declared
bankruptcy include Walt Disney, Mark Twain, Kim Basinger, P.T. Barnum,
Mickey Rooney, Donald Trump, Jerry Lee Lewis, Milton Hershey (chocolate
maker), Henry Ford, Burt Reynolds, Wayne Newton, and Larry King.
Without bankruptcy society might not have benefited from the jobs,
literature, art, and other contributions these individuals have made.
Literally millions of people now have jobs because these people were
given a second chance through bankruptcy to contribute to society.
Our clients have even included deacons and
ministers who knew that
morality, religion, and bankruptcy can peacefully co-exist if done
ethically.
