BANKRUPTCY MYTH: IF YOU FILE FOR BANKRUPTCY YOU WILL LOSE YOUR HOME.
In most cases, the truth is you will be able to keep your home. In a Chapter 7 bankruptcy, your home is a common exemption in the debt elimination proceedings. In a Chapter 13, the reorganization will allow you to restructure the debt so that you are able to pay off your home and any back payments. Discuss your concerns with an experienced bankruptcy attorney at My AZ Lawyers to get the entire truth and understand how filing for bankruptcy may help your financial situation.
BANKRUPTCY MYTH: IF YOU FILE FOR BANKRUPTCY, YOU WILL LOSE EVERYTHING, INCLUDING ALL YOUR PERSONAL BELONGINGS.
The one thing you want to lose in a bankruptcy, is debt. It can be eliminated and you can start with a clean slate. Generally, you are allowed to keep most of your personal belongings including your vehicle and a portion on your bank account balance. Call 480-448-9800 for a FREE CONSULTATION with an experienced Arizona bankruptcy law attorney for more information on the advantages and disadvantages of filing bankruptcy.
BANKRUPTCY MYTH: IF YOU FILE FOR BANKRUPTCY, YOUR CREDIT WILL BE RUINED.
If you are buried in debt and missing payments right now, your credit is already probably not good. And it will continue to get worse. Filing for bankruptcy could be the start to improving your credit. Once you wipe away your debt, you can immediately start over and begin building your credit score. My AZ Lawyers is with you throughout the entire bankruptcy process, and this includes working with clients after a discharge in order to improve credit immediately after the bankruptcy case is completed.
BANKRUPTCY MYTH: IF YOU FILE FOR BANKRUPTCY, YOU’RE A LOSER
Not-lazy-hard-working-upstanding-law abiding-people file bankruptcy because they come down with a serious illness that wipes out their bank account and savings, and the medical bills are so high they could never be paid back. Are these people who suffer a misfortune such as an unforeseen tragedy losers? Life isn’t perfect, things happen that are out of our control: bankruptcy protection was designed to correct these incidents. Don’t let anyone tell you that you are a deadbeat or a loser or a bad person because you use bankruptcy as an option to get your life back. Instead of feeling guilt and not resolving the debt issues, find out the truth about bankruptcy and how it can help your matter. There are many examples of successful people who have filed bankruptcy.
The reality is, we have to face reality. And that is divorce, overspending, loos of a job, the economy, unforeseen tragedies, a bad business venture. Bankruptcy helps those who need to pick themselves up and start over again, hopefully learning a life lesson.
By living in reality, not in the world ruled by myths we might understand why certain feelings and actions are associated with bankruptcy. Speak with an attorney experienced in bankruptcy law and ask the questions that are on your mind. Having knowledge about the bankruptcy process and regaining control back of your life is better than stressing over what someone might think about you if they knew you were considering filing Chapter 7. You have an opportunity to wipe the slate clean and start over again. Don’t let a silly myth get in your way of achieving your financial goals.