Busting Myths About Bankruptcy
The benefits of bankruptcy are undeniable. Every year, millions of people get to start over with a clean financial slate and no crushing debt load standing in their way. Unfortunately, the parties who benefit least from bankruptcy laws, the creditors, have become very good at distributing bad information about bankruptcy, resulting in some of the best candidates for bankruptcy never even considering it.
The following is a list of some of the most common bankruptcy myths and the truth behind them:
- You will never get credit again after bankruptcy: There is definitely a process involved in rebuilding your credit after bankruptcy. You will likely begin receiving qualified credit offers within a few months after your bankruptcy. Over time, you will eventually be able to apply for traditional lending such as home and car loans as well.
- You will lose everything you own in bankruptcy: While it is theoretically possible to lose some property in a Chapter 7 bankruptcy if you have substantial equity in property, most people lose nothing. In addition, much of your property is protected under the law, including your home, car and retirement accounts.
- You are no longer eligible to file for bankruptcy: Though the bankruptcy laws passed in 2005 added steps to the bankruptcy process, nearly everyone who was eligible for bankruptcy before the new law was passed is still eligible today.
- If you need to file for bankruptcy, you must have done something wrong: The vast majority of bankruptcies come about as a result of circumstances beyond the filer’s control. Job loss, unexpected medical bills, divorce or other causes often drive otherwise financially stable people into hardship.
A Dedicated Lawyer You Can Trust
At the law offices of Oliver & Legg, we represent clients in a broad range of bankruptcy-related matters. When you are talking to a creditor, it is important that you understand that the creditor is more concerned with their own interests than yours. We are on your side. When you ask your lawyer a question, we have no hidden agenda. We only want to help you find the best possible solution to your problems.
Get The Bankruptcy Information You Need From Our Toms River Attorney
With offices in Toms River and Neptune City, our New Jersey attorney can help dispel bankruptcy myths and honestly explain how bankruptcy works. Evening and Saturday appointments are available. Call local 732-988-1500 or fill out our contact form.