5 Common Bankruptcy Myths: Things To Consider When Filing For Bankruptcy
Misconceptions about bankruptcy and what it means to file are prevalent. What I’d like to do is discuss 5 of the most common misconceptions people have about the process.
Here are 5 prevalent misconceptions regarding filing for bankruptcy.
1. If I choose to go ahead with my bankruptcy filing, everyone will know that I did it. Unless you are a prominent person worth doing a news story about, chances are pretty good that the only people to find out are the ones you choose to tell. Bankruptcy is a public proceeding, but due to the sheer volume of bankruptcies, no commonly read publication devotes the space to publish all the bankruptcies.
2. I’m going to lose all that I own. Unfortunately, this is too often the showstopper for the people bankruptcy could help the most. Each state has it’s own laws regarding bankruptcy and your rights, but all of them will protect certain assets of yours. Things like you house, clothes, retirement savings, etc. are protected. You can even keep your mortgage and car loan active if you can make the necessary payments.
3. I’m never going to get credit extended to me again. You will be able to get credit cards and credit again, however your interest rates will be higher. Getting car loans and mortgages may be more difficult than before, it is often advisable to make bigger purchases before you file as a result.
4. Filing for bankruptcy is a really difficult process. It really isn’t a difficult process. With the assistance of bankruptcy lawyers in Michigan, you will discover the process is quite painless.
5. I must be a deadbeat if I have to file for bankruptcy. The truth is that lots of people file for bankruptcy and most of the time it’s because of a big, life-changing event. Things like divorce, losing their job, getting sick are often to blame. Bills stack up and they get further and further behind.
Filing for bankruptcy isn’t a process you should take lightly. It is a good idea to consult with bankruptcy lawyers in Michigan to make sure you are handling all aspects of the process correctly.
When you are facing the prospect of filing for bankruptcy a good idea is to discuss bankruptcy lawyers in michigan. Ardelean & Dunne are experienced bankruptcy lawyers in michigan. They can help to resolve your bankruptcy issue and get you on the right track again.
