Being weighed down by crushing debt, with no relief in sight, is a frightening and humbling experience. It can be difficult to discuss personal financial issues, and the stigma surrounding financial success or failure could be a barrier to seeking relief in the form of bankruptcy, or one of the alternatives that could solve your problems. The myths surrounding filing for bankruptcy also pose a problem for people in financial trouble. It is vital that you are getting your information from a source you can trust.
Some of the most common bankruptcy myths include the false idea that you will lose everything you own if you file for bankruptcy. Some believe that family, friends and an employer you know will be aware of the fact that you filed for bankruptcy. Many think that your spouse will automatically be required to file as well. None of these myths are true.
There are specific exemptions allowed when filing for bankruptcy, and your bankruptcy lawyer will be able to advise you as to which of your assets and property is exempt. A large majority of people lose absolutely nothing when filing for bankruptcy – except debt.
While bankruptcies are a matter of public record, unless you are required to include your family, friends, or co-workers as creditors in your bankruptcy petition, or you choose to inform them, there is little to no chance they will ever know you filed – in fact, some of your friends or associates may have sought bankruptcy protection, and are already experiencing the relief from financial stress. As far as your spouse is concerned, filing jointly may be a viable way to protect both your personal and your joint assets. It is best to discuss your options with a qualified bankruptcy lawyer before you make any decisions regarding which form of bankruptcy would work best for you, or whether both you and your spouse should be included in the petition for bankruptcy protection.
The bankruptcy myth considered to be the most destructive is the one that in which it is suggested that bankruptcy is only for financially irresponsible and reckless people. Our firm has represented many, many clients from all walks of life and we have seen first-hand that bankruptcy can benefit people regardless of their personal, professional or economic status, and our clients are hardworking people who have run into financial difficulties, whether through the loss of employment, a medical disaster or divorce.
Whatever the circumstances that brought you to the point of financial ruin, bankruptcy is a legal option you can and should consider pursuing to help you regain control of your finances. It is not accurate to believe that bankruptcy will eliminate all of your debts. Yes, bankruptcy can help you eliminate the majority of your unsecured debt, including credit cards, payday loans, personal loans, medical bills, overdue utility bills and other similar unsecured debt. You will still be required to pay outstanding child support payments, debt incurred through personal injury lawsuits and some others. Old taxes in some cases can be discharged. We can evaluate your situation and advise you what advantages you will gain by filing for bankruptcy protection.
At Blevins & Hong, P.C. we work hard to help our clients get all the benefits that bankruptcy has to offer. We also work closely with all of our clients to help them navigate through the entire bankruptcy process and represent each person at any hearing, and in the submission of information and documents. To find out how you can benefit from bankruptcy, contact a Marietta bankruptcy lawyer at our firm at once.