There are a number of common bankruptcy myths that those working in bankruptcy law firms hear from potential bankruptcy clients every day. Some of these myths involve people’s fear over losing their homes, cars, or other items of personal property. Others involve anxiety and fear over what bankruptcy will do to their credit. Here are some of the common misconceptions that you may have heard about bankruptcy and the truth behind them. You Will Not Lose Your Property When you file for bankruptcy, your bankruptcy attorney’s goal is going to be allowing you to keep all the property that you have that you want to keep. Of course you can surrender any of the property that you want but as long as you are able to keep up the payments, or if you qualify for Chapter 13 bankruptcy and roll the payments into your bankruptcy, you will be able to keep your home and vehicles. Your Credit Will Not Be Ruined Forever Many people have anxiety over what they see as a major credit issue after filing for bankruptcy. People are often concerned that after they file for bankruptcy, they will not be able to get a loan or a credit card for several years. However, it is often the case that people who file for bankruptcy can start rebuilding their credit in about six months. In many cases, people who have filed for bankruptcy are able to qualify for home loans after only two years! Work With Professional Bankruptcy Experts Although there are many misconceptions about bankruptcy, it may be the best option for you. When you file for bankruptcy, you should work with highly experienced and very qualified bankruptcy law firms to make sure that you do not buy into any of the crazy bankruptcy myths that are floating around these days. Kirkpatrick and Associates ONLY does bankruptcies. Every day, we help people get out from under debts of all amounts. So far, we’ve wiped out over $50 million in debt. For information about bankruptcy law firms or to ask a question—no obligation—call Kirkpatrick and Associates. (http://www.kirkpatrickandassociates.com/faq)
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