Myths About Filing For Bankruptcy

Bankruptcy Filing Myth:  The new bankruptcy law means that bankruptcy is no longer available for most people.

            Bankruptcy Filing Truth:  Bankruptcy protection for deserving individuals, families, and businesses is still very much available.  It is true that filing is more difficult now than in previous years, but an experienced bankruptcy attorney can help guide you through the maze of the bankruptcy system and help get you back on your feet financially.

Bankruptcy Filing Myth:  I will never be able to get credit again.

            Bankruptcy Filing Truth:  You will be able to get credit again.  In many cases you can get credit within weeks of your bankruptcy discharge, although probably at higher interest rates.  It is possible to to get your credit rebuilt within as little as two years. 

Bankruptcy Filing Myth:  I will lose everything I own.

            Bankruptcy Filing Truth:  In the Dallas / Fort Worth Texas area, most people lose no property at all as a result of their bankruptcy.

Bankruptcy Filing Myth:  Cost is the most important factor when choosing a bankruptcy attorney.

            Bankruptcy Filing Truth:  While cost is an important factor, you must make sure that your bankruptcy attorney is experienced, knowledgeable, and will actually take the time to meet with you and care about your case.  Bankruptcy is probably one of the most important financial decisions you will ever make.  Do you really want to entrust your financial future to the lowest bidder?  If you are interested in learning Why You Should Hire The Law Offices of John Saitis, Then Click Here.

Bankruptcy Filing Myth:  Debt consolidation is always better than bankruptcy.

            Bankruptcy Filing Truth:  Debt consolidation agencies can make your situation 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.   

Bankruptcy Filing Myth:  Only financially irresponsible people declare bankruptcy.

            Bankruptcy Filing Truth:  Most people declare bankruptcy because of medical bills, divorce, or losing a job.  Cases of fraud or improper behavior on the part of the person declaring bankruptcy are rare and are prosecuted vigorously by the government.  

Bankruptcy Filing Myth:  I will have to go to court.

            Bankruptcy Filing Truth:  Most people in the Dallas / Fort Worth Texas area who hire an attorney to help 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 Filing Myth:  Everyone I know will find out I have declared bankruptcy.

            Bankruptcy Filing 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 Filing Myth:  Filing bankruptcy makes me a bad person.

            Bankruptcy Filing Truth:  Bankruptcy does not make you a bad person.  Bankruptcy is not a moral decision, it is a financial one.  The point of bankruptcy is to give honest people a fresh start so they can have 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.  Literally millions of people now have jobs because these people were given a second chance through bankruptcy to contribute to society.

           Even if you do believe that bankruptcy is a moral decision, ask yourself if it is more moral to:

1)  Feed and cloth your children, provide them with a safe and stable home, and ensure they receive a proper education;

or 

2)  Make sure that the credit-card industry that made $30 BILLION in profit last year can add just a little bit more to their profits.      

     Your primary moral responsibility is to provide for your family and children and if bankruptcy allows you to do that you should.  You owe it to yourself and your children to get a fresh start.  If you would like to learn more about Bankruptcy and Religion Click Here.