If you are struggling with financial issues and find yourself falling down a hole of debt, it is extremely important that you do not hesitate to consider all of your options. For many people, bankruptcy can be a frightening prospect, but the truth is that when used correctly, it can be an invaluable tool towards getting your feet on stable ground once more. For this reason, it is extremely important that you get your information straight from the source and do not hesitate to ask questions. Debunking popular myths may not be the easiest thing, but when it's your future on the line, it's important that you take the time to do so.
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One of the most persistent myths that keeps people from filing is the thought that if they file, everyone will know. No one likes the idea of their personal life becoming public and many people shy away from filing because they are afraid that will become widely publicized and local knowledge. This, however, is far from the truth. While it's common knowledge when public figures and large corporations file for bankruptcy, it is largely unlikely that your filing will become news. Yes, it is a public proceeding, but as there is a large influx of people who are filing, very few, if any, publications name all of those who are filing. Chances are that if you file for bankruptcy, the only people who will be aware are those you tell and your creditors.
Another myth that is common in popular belief is that you file for bankruptcy that you will lose everything that have. For many, the ability to keep the shirt on their back is worth also keeping their debts - this, however, is a falsehood and a dangerous one. Filing for bankruptcy does not mean that everything that you own will be sold off - far from it! While depending on the chapter that you file, some of your possessions could be subjected to liquidation, this does not happen in a blanket fashion. In many cases, you will be protected by exemptions laws which will protect your most necessary assets and possessions.
Yet another misconception is that if you file for bankruptcy, you will forever be barred from gaining credit again. The truth is that if you file, you will have to experience a black mark on your credit, but this is not permanent and will not serve as a barrier towards regaining and rebuilding credit. In fact, many people who file find that once they have filed, they almost immediately start to receive offers of credit once more. It's true that they will likely have very high interest rates, but the credit will be made available to you. It will just be up to you to ensure that you make smart decisions for your long run financial benefit.
Other myths include the thought that you can file for bankruptcy a limitless amount of time (incorrect, there are mandatory wait periods between bankruptcy filings), that all of your debts will be discharged without question (again incorrect as some debts such as child support are unable to be discharged) and that both spouses have to file for bankruptcy (while practical, it is not mandatory by law). Due to the vast misconception and confusion that surrounds the process, it is highly recommended that those who are seeking to file do not hesitate to get the involvement of an experience bankruptcy lawyer as soon as possible.
For those who find themselves unable to get ahead of their debt, it is important that time is taken to address these myths and find the truth. While it can be tempting to simply buy into these beliefs and think that bankruptcy is a villain or only for the truly downtrodden, it is important to remember that it is a valuable financial tool. When wielded intelligently and when carefully considered and respected, it can be exactly what you need to help you gain the foothold that you need on financial wellbeing. This is why you should not hesitate to contact a local debt relief attorney that you can trust to help address your needs and guide you throughout the bankruptcy process. With the help of a reliable lawyer, you can take the necessary steps towards protecting your legal rights and moving towards firm ground once more.
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