Myth Busting – Breaking Up People’s Illusions About Bankruptcy
Whether you’ve spoken with a well-meaning friend or a frustrated creditor, it is likely that you’ve heard something that isn’t true about bankruptcy. An abundance of misinformation has given bankruptcy a scary reputation it doesn’t really deserve.
Bankruptcy myths often keep people from considering bankruptcy as an option. However once people have separated the fact from fiction, they often discover that bankruptcy is not the frightening monster they thought it was.
Dispelling Bankruptcy’s Stigma
People are frequently concerned that their family, friends and co-workers will find out if they file bankruptcy. This rarely happens because most news organizations do not have the resources to track and report on everybody filing bankruptcy. Typically, news organizations focus their energies on businesses and public figures.
The great recession has changed the profile of today’s bankruptcy filer. People from every socio-economic class and of every education level are now seeking bankruptcy relief.
Your Possessions Will Not Disappear
Many individuals considering Chapter 7 bankruptcy are concerned that they will lose everything. In Georgia, bankruptcy exemptions are laws that govern what you can keep.
This covers many things, including your home, car, household goods, clothing and retirement plans.
Borrowing Again to Rebuild Your Credit
After filing bankruptcy, it does not take most people long to re-establish their credit. As soon as your bankruptcy has been discharged, you can begin rebuilding your credit. There are many lenders who will extend credit to you because you cannot file again for eight years. Once you establish yourself, you will be able to borrow again.
If you have thought about bankruptcy but have avoided taking action because you are concerned about the consequences, you should speak with an experienced Atlanta bankruptcy attorney. An attorney can answer your questions, giving you the power to make an educated choice about your future.