filing for bankruptcy many people try to research it on their own to see what they are getting
into. If you are not careful, you will find yourself loaded down with
a lot of bad advice and misinformation. If you are curious about how a
bankruptcy will affect your current financial situation, then you need
to consult an expert Stockbridge GA Bankruptcy Attorney for some straight answers.
When researching bankruptcy, these are the myths you should be watching out for:
You can't qualify for bankruptcy. This used to be true until the bankruptcy laws were changed in 2005. Now
most people will be able to qualify for either
Chapter 7 or
Chapter 13 depending on very specific criteria. If you are not sure which type of
bankruptcy would be right for you then you should talk with a Stockbridge
GA Bankruptcy Attorney
Your credit will be ruined forever. This is wrong for a lot of different reasons:
- If you are considering a bankruptcy then your credit is already in a downward spiral.
The main reason people have a bankruptcy is so that they can start building
back their credit and
get a fresh start.
- A bankruptcy only stays on your credit report for ten years.
You will lose your house and car. This is not always the case. If you are filing a Chapter 7 bankruptcy
then assets like these will be sold to pay your debts. If you are filing
for Chapter 13 then these assets will most likely be exempt.
You will lose your retirement fund. It depends on what you call your retirement fund. If you have money invested
in an IRA or 401k then they will most likely be exempt from bankruptcy
proceedings. However, you should double check with your
Stockbridge GA Bankruptcy Attorney to make certain.