The Top Misconceptions Associated With Bankruptcy

In this chapter, we’ll discuss the two biggest misconceptions people have about bankruptcy…

Misconception Number One

The biggest misconception about bankruptcy is that you’re a horrible person if you must file. So, most people come to me and are embarrassed or ashamed. Then, at some point, it comes out that they’ve been trying not to do this and have done everything in their power not to be here, and they don’t want to take advantage of the system.

Many people think that the typical bankruptcy client is somebody who’s a schemer, somebody with their hand around their chin, gently stroking and thinking of ways to get one over on the system… but that’s not how my clients look or act.

For the most part, my clients all fit specific characteristics: they dealt with something challenging and didn’t know how to return from it.

The truth is, we all live in this world and we all know how hard it is to come back from any financial hits you get. This rings even more true in the past few years.

I have clients who get sick, are out of work, and can’t catch up… Or they get laid off and can’t catch up on their bills… Or they got divorced, so now their household income is significantly different…

There’s always a reason somebody ends up at a bankruptcy attorney’s office, and it usually involves something stressful or horrific. All it takes is for the rent, taxes, gas, or cost of groceries to increase, and you can find yourself underwater faster than you thought was possible.

What I want my clients to take away from meeting with me is that we’re all capable of being put in this situation. Very few people can avoid falling on hard times – most of us are just one stroke of bad luck away from having to consult with somebody like myself.

Misconception Number Two

The other biggest misconception about filing for bankruptcy is that it will ruin your life.

For example, most people believe they can’t use their credit for seven years after they file. But, no! The reality is quite the opposite.

Most clients with a solid income who are filing for bankruptcy only must wait two to three years, and their credit will be fine. Some of my previous clients are now getting mortgages, different vehicles, and credit cards again… not too long after we completed their case.

This is just one more reason why it’s so important to understand bankruptcy’s purpose and not worry so much about ruining your life. Filing for bankruptcy will not put you in debtor’s jail for eight years. It might make situations involving your credit more difficult sometimes, but would facing the stresses of not filing make it easier? No.

If you have poor credit, bankruptcy is likely a better proposition than having bad credit along with debt. People can’t always see a way to get out of debt, but sometimes the way to get out of it is through bankruptcy.

With the guidance of a skilled attorney for Bankruptcy Law Cases In Florida, you can have the peace of mind that comes with knowing that we’ll make it look easy.

An initial consultation is your next best step for more information on the Top Misconceptions Associated With Bankruptcy. Get the information and legal answers you seek today by calling (407) 305-5599.