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.
I'd like to address the top 5 most talked about myths when it comes to your bankruptcy filing.
1. If I file for bankruptcy, everyone is going to know about it. Most often the only people that will know about it are the ones you decide to tell and your creditors. Even though bankruptcy is a public proceeding, there are so many people and companies that file for bankruptcy, unless you are prominent, no one will run a press release about it.
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. The bankruptcy process is a long and hard one. That isn't true. The process isn't that difficult to go through and with the help bankruptcy lawyers in Michigan, you will find it isn't that bad.
5. I'm a loser if I file. There are many many people that file for bankruptcy. Most often it is for reasons such as divorce, job loss, medical bills, etc. They simply can't keep up with the payments. This does not mean you are a loser, but simply in a tough spot.
When you decide that filing for bankruptcy may be right for you, the next step is to speak with bankruptcy lawyers in Michigan about your case.
I'd like to address the top 5 most talked about myths when it comes to your bankruptcy filing.
1. If I file for bankruptcy, everyone is going to know about it. Most often the only people that will know about it are the ones you decide to tell and your creditors. Even though bankruptcy is a public proceeding, there are so many people and companies that file for bankruptcy, unless you are prominent, no one will run a press release about it.
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. The bankruptcy process is a long and hard one. That isn't true. The process isn't that difficult to go through and with the help bankruptcy lawyers in Michigan, you will find it isn't that bad.
5. I'm a loser if I file. There are many many people that file for bankruptcy. Most often it is for reasons such as divorce, job loss, medical bills, etc. They simply can't keep up with the payments. This does not mean you are a loser, but simply in a tough spot.
When you decide that filing for bankruptcy may be right for you, the next step is to speak with bankruptcy lawyers in Michigan about your case.
About the Author:
When you make the tough decision to file for bankruptcy the next step is to speak with bankruptcy lawyers in michigan. Ardelean & Dunne are talented bankruptcy lawyers in michigan. Ardelean & Dunne will help to file your bankruptcy issue and get you on the right track again.
No comments:
Post a Comment