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Bankruptcy Content

Common Bankruptcy Myths: Separate Fact From Fiction

Advice from a Bankruptcy Attorney in St. Petersburg

Many people are reluctant to file for bankruptcy relief because they are worried about how their credit will be affected. Fears such as this stem from unrealistic myths that people spread because they are not education about the bankruptcy process. Below you will find a list of the top bankruptcy myths debunked:

  1. Bankruptcy ruins your credit- Your credit will not be permanently affected. Bankruptcy stays on your credit for a maximum of 10 years. If you are behind on your bills or facing foreclosure, your credit is already being affected. Bankruptcy can end the downward direction of your credit. What bankruptcy does is stop the late payments and reporting from your creditors to the credit reporting agencies.
  2. Rebuilding your credit after bankruptcy is impossible- After discharge from Chapter 7, your debts are gone. You can begin building your credit immediately. By getting control of your bills and paying them on time, you are in fact rebuilding your credit. While in Chapter 13, you are demonstrating your ability and willingness to make required monthly payments through the Trustee. This also helps rebuild credit and shows a positive trend in your money management.
  3. Filing for bankruptcy means that you are a failure- Title 11 of the United States Code provides for bankruptcy. This means filing for bankruptcyis not wrong, illegal, or unethical. Simply stated, the Federal Government provides for bankruptcy filings, making it a legal and beneficial means to get back on top of your finances and help you and your family. Individuals across the country with varying financial means have used and continue to use the bankruptcy laws to protect themselves and their families.
  4. Filing for bankruptcy could put your job in danger- You cannot be fired for filing bankruptcy. The bankruptcy court does not contact your family, friends, employer or neighbors to let them know you filed bankruptcy.

Searching for an attorney for a bankruptcy case in St. Petersburg?

It is important to understand and avail yourself of bankruptcy options if your financial situation warrants this as a permanent solution to runaway debt. That is why we recommend that you speak to the legal team at our firm as soon as possible to get the information you need to make an informed decision about your finances and your future.

Searching for an attorney for your bankruptcy in St. Petersburg? Contact Dion R. Hancock, P.A. today to schedule your free initial case evaluation.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.