June 21, 2024

Separating Fact From Fiction Breaking Down Bankruptcy Myths and Stereotypes

Filing for bankruptcy is something that needs to be done with the help of a professional. They can guide you on the details of the process, ensuring that you know all about it so you make the best call. With the necessary information, you can also plan well to recover and rebuild your finances. Your lawyer should help you know about the details of things like filing for bankruptcy at 20 and more. If they have a bankruptcy flyer, they can share it with you so that you have a rough idea of what the process might involve.

You should also search for more information on the internet, something you can easily do when you have an idea of the basics of the process. That said, searching with terms like “can you file bankruptcy if you haven’t filed taxes?” and “should you tell creditors you are filing bankruptcy?” When you’re well informed about the process, you can make the right call and get a great outcome from the process.

Plan well for the process so that you can recover and benefit from the process. This is a great way for you to gain control of your finances in the future. You may want to enlist the help of a professional to help you get your finances in order after all this is done.

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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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