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Two Myths On Filing Bankruptcy

Two Myths On Filing Bankruptcy

The upside down and struggling economy in recent years has led many people to have to consider filing for personal chapter 7 bankruptcy. While it is quite common, many people still view filing for bankruptcy as a terrible financial decision. This is partially to blame because of two prevalent myths regarding filing for bankruptcy:

Myth #1

The first myth of filing for bankruptcy is that your credit will be ruined and you will never qualify for a low interest loan or credit cards again. When you declare bankruptcy, your bankruptcy will state on your credit report for 10 years. your credit score will take an initial hit, but a few months later, most people actually will see their scores increase, if they take the correct steps to rebuild their credit. Those people who choose to not file for bankruptcy will likely spend years getting out of debt and it may take more than 10 years for them to see their credit fully repaired. During this time, their credit score is steadily going down and they are not able to get credit cards or home loans.

Myth #2

The second myth of filing for bankruptcy is that you will lose all of your assets. When you file for bankruptcy, creditors will attempt to liquidate many of your assets to repay your debt. However, when you file, many of your assets will be completely protected, including your primary residence and any savings that you have in retirement accounts.

If you have a question regarding bankruptcy please contact us. Here at Atlantis Law, we have trusted and diligent Attorneys who will assist you with all aspects of your bankruptcy case, from start to finish. If you have questions about a Chapter 7 bankruptcy, a Chapter 13 bankruptcy, lien stripping, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have great bankruptcy attorneys who can assist in all of these important areas. Please feel free to contact us for your free bankruptcy evaluation so we can quickly determine if you qualify.

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