Madison Heights Bankruptcy Lawyer
Dispelling Bankruptcy Myths and Misconceptions
Myth: I will never have good credit again if I file for bankruptcy.
Fact: By discharging your unsecured debt, you reduce your debt to income ratio and are able to begin with a clean slate. All records of your bankruptcy filing will be removed from your credit reports after a set period of time.
Myth: I will lose my car, paycheck and even my home.
Fact: Filing for bankruptcy triggers an automatic stay. This means that your home cannot be foreclosed on, your wages cannot be garnished and your car cannot be repossessed. In addition, creditors can no longer hound you. There are some exceptions to this general rule, though, so consulting an experienced bankruptcy lawyer is very important.
Myth: The 2005 changes to the bankruptcy code have significantly reduced the number of Chapter 7 filings.
Fact: In spite of some changes that did make it more difficult for some people to qualify, the number of people filing for Chapter 7 has not significantly dropped. It is still possible for you to seek relief by applying for Chapter 7.
Myth: In a bankruptcy, all debt is completely wiped away.
Fact: There are certain debts which are not discharged in a bankruptcy. Once again, this is why you should contact an experienced bankruptcy attorney – to advise you of what debts, if any, will remain if you decide to file.
Myth: People who file for bankruptcy are lazy and opportunistic, taking advantage of the system.
Fact: People who file are those in financial crises who have decided to do something about it. They are your neighbors, your aunts and uncles, your siblings and your coworkers.
Relying on Hensel Law Office
I am happy to speak with you further about the benefits of filing for bankruptcy when financial woes have overtaken you as well as to help dispel any additional myths you may have about bankruptcy protection. Bankruptcy is all I do and I do it well. Let’s work together to develop a plan for a brighter future.
Know your rights when you are caught up in the grip of financial trouble. At Hensel Law Office, PLLC, no matter what your bankruptcy issue, it’s important to know that you are not alone. Contact me today to schedule a free initial consultation. Get the straight story on bankruptcy. Call 877-232-9161.
