September 27, 2023

Separating Fact From Fiction Breaking Down Bankruptcy Myths and Stereotypes

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If you’re considering filing for bankruptcy but fear the stigmas associated with it, don’t. Did you know that more than half of personal bankruptcy filings in the United States are the result of illness or medical bills, not financial irresponsibility?

In fact, the majority of bankruptcy filers are hard working Americans who simply cannot afford to make ends meet due to their debt. A 2011 study revealed that 60% of bankruptcy filers are employed, but have salaries less than $30,000. In today’s world, $30,000 isn’t much.

A common bankruptcy myth is that filing will permanently ruin your credit score, making it nearly impossible to own a home, purchase a car, or get a credit card. This could not be farther from the truth. While filing for bankruptcy does impact your credit rating, it does not destroy it by any means. Quite the opposite! Filing for bankruptcy provides a fresh financial start that allows filers to move forward with their lives on a positive note.

However, if you’re considering filing for bankruptcy, it’s essential to discuss your options with an experienced local bankruptcy lawyer. A local bankruptcy attorney can help you determine which kind of personal bankruptcy is best suited for your particular financial situation.

While filing for bankruptcy without the legal guidance of bankruptcy law lawyers is possible, it typically is not advised. Bankruptcy law is intricate, and can be confusing especially if you are not familiar with its nuances.

However, lawyers for bankruptcy are experienced in the law, and can help you navigate the process of filing a claim. For example, did you know that the success rate for Chapter 7 bankruptcy is 95% when filed with bankruptcy law lawyers? Not bad, huh?

If you’re wondering how to find a good bankruptcy lawyer, look no further than your state’s bar association, which can be a valuable resource when researching lawyers in your area.

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