3 Bankruptcy Myths

by DeLadurantey Law Office, LLC on October 10, 2011

When you are facing financial trouble, you may feel like you have no way out and no one to turn to for support or advice. Worrying about whether or not you can make ends meet every month can wear you down emotionally and even physically. You have options, and it is important that you know the truth about those options. Filing for bankruptcy can help you eliminate many of your debts so you can get a fresh start financially.

Bankruptcy Myths Debunked

There are many myths about bankruptcy. Three of the most common myths are:

  • Myth: I will lose my house and all my possessions if I file for bankruptcy.
  • Truth: Although Chapter 7 bankruptcy may require you to liquidate assets, Chapter 13 does not, and in most Chapter 7 cases debtors are able to retain most or all of their property.
  • Myth: There is no limit to the amount of times you can file for bankruptcy.
  • Truth: This is partially true. While there is no limit for the amount of times you can file, you must wait the appropriate amount of time in-between filings.
  • Myth: If I file for bankruptcy, my credit score will be ruined.
  • Truth: Although bankruptcy can have a negative impact on your credit score in the short-term, it can prevent the accumulation of further delinquencies and collections, which are likely to do more harm.

There are many myths circulating about bankruptcy which can cause struggling individuals to make decisions that are counterproductive. If you or someone you know is facing financial difficulty, you need a qualified attorney on your side. Contact the Milwaukee bankruptcy lawyers of DeLadurantey Law Office, LLC, at 414-377-0518 today to schedule a free consultation to discuss your legal options.

 

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