Bankruptcy is something that most people know about but it is still shrouded in a veil of secrecy and common misconceptions. If debt is running your life into the ground then swift action is needed. If you’re lucky then it can come in the form of less severe debt solution alternatives such as debt consolidation and debt management. But if you are like the more than million Americans each year who have to file bankruptcy then you will want to pay attention to the following common myths:
• “Bankruptcy will ruin me.” Not true. Bankruptcy will set you back anywhere from three to 10 years depending on which type you file but the actual procedure only lasts a few months. The rest of the time is spent bringing your credit back up to speed. It takes some work and determination but you will find yourself free of your bankruptcy before too long.
• “Bankruptcy will wipe out all my debts.” Nope. Some debts such as child support, alimony, student loans, debts incurred from fraudulent activities, etc. are not dischargeable under bankruptcy law and still will need to be dealt with even after your bankruptcy.
• “I’ll lose everything.” Actually you could end up losing very little depending on what type of bankruptcy you file, what assets you have, and which of those assets are deemed exempt under your state’s bankruptcy regulations.
• “I can go it alone.” It might seem attractive to handle your bankruptcy solo without paying to retain the services of a bankruptcy attorney. However, the bankruptcy attorney is worth their weight in gold seeing as how they will make sure your bankruptcy case goes as smoothly as possible.
So get out from the under the pressure of suffocating debt today. Look into alternative debt solutions and if those don’t apply to you then contact a bankruptcy attorney in your area about the next step.
