College Park Bankruptcy Attorneys
The concept of bankruptcy is surrounded by myths and misconceptions which
deserve to be set aright. A bankruptcy could be just what you need to
get out of debt if you are struggling to make payments depending on your
The following is an attempt to dispel some common myths regarding bankruptcy.
For further inquiries, reach out to the College Park bankruptcy lawyers
at The Bankruptcy Law Group LLC right away.
Bankruptcy will eliminate all of my debts.
While bankruptcy can be a good option for those struggling under considerable
debt, it does not magically “get rid” of all the money you
owe. There are some items, including unsecured debts, which can be dissolved
by filing a Chapter 7 bankruptcy, but others cannot be totally erased.
Student loans, structured settlements, and child support must still be paid.
A bankruptcy will ruin my credit.
Many people fear bankruptcy will ruin their credit for years to come.
While it is true that a bankruptcy will remain on your credit report for
ten years or more, it will not stay there forever. You can even begin
to rebuild your credit as soon as you file for bankruptcy and work towards
a fresh start.
Only the irresponsible file for bankruptcy.
Again, untrue. For those who find themselves in dire financial straits,
bankruptcy can be a good option for those without anywhere to turn. Bankruptcy
is a viable option for families, companies, millionaires and others. People
file bankruptcy for any number of reasons such as medical expenses, inflation,
injury, or the loss of a job.
I will lose everything if I file for bankruptcy.
Depending on which type of bankruptcy you file under, you do not necessarily
risk losing everything if you file. In a Chapter 13 bankruptcy, for instance,
you can work with the court to set a pre-determined payment system which
can help you in paying off your debts while keeping your home, car, or boat.
I can file for bankruptcy multiple times.
The purpose of bankruptcy is to help you when you have no other options.
You can file for bankruptcy more than once, but it may be possible that
you lose the protection of the automatic stay bankruptcy provides. You
can only receive a chapter 7 discharge every 8 years. This would limit
your bankruptcy options if you need to file again within that period.
Speak with us today to learn more about your options during a bankruptcy during a
College Park—(770) 766-5004