If you're considering contacting a bankruptcy lawyer regarding your financial situation, you've likely heard a lot of incorrect information on bankruptcy law. These laws can be complicated and confusing so if you have questions regarding your specific situation, it's best to contact an attorney for bankruptcy. However, here are some common myths -- and the truth behind them.
Myth: Filing Will Ruin Your Credit
One of the biggest pieces of incorrect information on bankruptcy law is that your credit will be ruined for up to 10 years if you file. While it's true that it can take up to 10 years for a filing to be discharged from your credit report, that doesn't mean that you'll be unable to get a loan. Some people find that their credit score can be as high as 700 within just a few short years. This means that you can qualify for a low interest rate on a car or mortgage not long after filing, as long as you're careful with credit.
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Myth: You'll Lose Your Home Or Car
If you've contacted an attorney for help, one of the first questions you probably had was 'Will I lose my home or car?' The answer is, it depends. Your bankruptcy lawyer can help you determine which type is best to file, depending on what assets you have and what you'd like to keep. However, you don't have to lose your home or your car, so don't let that myth stop you from meeting with an attorney for bankruptcy.
Myth: Married People Must Request Debt Protection Together
Another myth is that one person in a married couple is unable to file by himself or herself. It is true that the courts will sometimes want to see a spouse's income to ensure that the spouse isn't extremely wealthy, it often doesn't impact the ruling. While many couples choose to file together, a qualified bankruptcy lawyer will be able to tell you whether you can leave your spouse out of the process.
Myth: Only Irresponsible People File
Lawyers would love to get this myth corrected. One of the biggest reasons that people file for protection isn't that they've had too much fun with a credit card! High medical bills (even for people who have insurance), job loss, acts of nature such as tornadoes, hurricanes and fires and other financial hardships have led many people to seek protection.
Myth: You Can Only Request Debt Protection Once
The truth is that there are restrictions as to how often you can request protection from your debts, but it is possible to file more than once. These regulations can be confusing, which is why it's important to contact a lawyer for assistance.
Don't let these myths keep you from filing for protection if you need it. If you're not sure whether filing is the right decision for you, consider calling a lawyer for help. He or she will be able to take a look at your situation and help you dispel any other myths.
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