When people are struggling to pay their debts, they may feel like bankruptcy is their only option. But many people have misconceptions about what bankruptcy actually is. They may think that it’s a shameful act, or that it will ruin their credit score for good.
But bankruptcy is often the best option for those who are struggling to pay their debts. Here are eight common misconceptions about bankruptcy, debunked.
This is one of the most common misconceptions about bankruptcy. In reality, bankruptcy is a legal process that can help people who are struggling to pay their debts. It’s not something to be ashamed of!
This is another common misconception about bankruptcy. In reality, you won’t lose everything if you file for bankruptcy. You may have to sell some of your possessions to pay off your debts, but you will be able to keep most of your belongings.
This is another common misconception about bankruptcy. In reality, your credit score may take a hit after you file for bankruptcy, but it will eventually recover. Bankruptcy is not the end of the world for your credit score!
This is another common misconception about bankruptcy. In reality, the process of filing for bankruptcy is usually pretty straightforward. You don’t need to be an expert on bankruptcy law to file for it!
This is another common misconception about bankruptcy. In reality, you won’t have to start over from scratch after you file for bankruptcy. You will be able to keep most of your possessions and your credit score will eventually recover.
This is another common misconception about bankruptcy. In reality, you will be able to get a loan or a credit card after you file for bankruptcy. However, you may have to wait a while before you are eligible for them.
This is another common misconception about bankruptcy. In reality, you may not have to go to court if you file for bankruptcy. The process of filing for bankruptcy usually doesn’t require a trip to the courthouse!
This is another common misconception about bankruptcy. In reality, you won’t lose your job if you file for bankruptcy. Bankruptcy is a legal process, and it will not affect your ability to work.
Filing for bankruptcy can be a scary process, but it’s important to remember that most of these misconceptions are just that – myths. Bankruptcy is often the best option for those who are struggling to pay their debts, and it can help you get your finances back on track.
If you have any other questions about the process of filing for bankruptcy, be sure to contact an attorney or credit counseling service for more information.
Contact us today to learn more!
If you’re thinking about filing for bankruptcy in Florida, it’s important to meet with a bankruptcy attorney. You can better understand your specific situation and the types of relief that might be available to you.
Call us today for a free consultation and we’ll get you on your path toward financial freedom.
Dealing with bankruptcy doesn’t have to be a single-person job. The bankruptcy lawyers at Parker & DuFresne will help you determine the best course of action to help you get out from under your debt and move forward to a debt-free future.
Call today at 904-733-7766 for a free consultation, or click the button at the top of the page to schedule online.
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