Myth 1: Filing for personal bankruptcy is impossible
The 2005 amendments passed by the United States Congress allow any debtor to apply for bankruptcy. The bankruptcy is governed by various state statutes. If you are registering for bankruptcy, the bankruptcy attorneys will assist you in determining your eligibility level.
Myth 2: It is humiliating
If you do not file for personal bankruptcy, you will be subject to more humiliating situations when creditors harass you. If you accept responsibility for your financial situation and meet your obligations, it is a commendable act, not something to be ashamed of.
Myth 3: Poor Credit Rating
The conclusion of personal bankruptcy proceedings will assist in clearing your credit history, allowing you to begin anew. A number of bankruptcy attorneys guarantee that filing for bankruptcy will not leave you with a poor credit rating for the remainder of your life.
Myth 4: Filing is an Once-in-a-Lifetime Opportunity
If you file for Chapter 7 bankruptcy, you will not be able to file for another personal bankruptcy for several years. However, you may petition for Chapter 13 bankruptcy as frequently as you like.
You will lose everything you possess
The purpose of bankruptcy is to prevent debtors from losing all of their assets while assisting them in settling their debts. A bankruptcy attorney can provide you with the correct information so that you do not lose your possessions.
Personal bankruptcy is a severe but highly effective means of resolving financial difficulties. However, prior to filing for personal bankruptcy, you should consider all alternatives.""
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