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Dispelling Myths About Bankruptcy
This myth is not necessarily true. Of course bankruptcy will have an impact on your credit. Most of this impact is negative at first. However, filing for bankruptcy can actually help you begin rebuilding your credit and continue in a positive way.
Filing for Bankruptcy Ruins Your Credit Score
You Will Not Be Able To Obtain Credit or Purchase Anything For 10 Years After Filing For Bankruptcy
This myth is commonly relayed from one person to another. Though a bankruptcy may stay on your credit report for 7 to 10 years, you begin rebuilding your credit through bankruptcy and still may be able to obtain credit and make large purchases.
No One Else is Filing For Bankruptcy
The New Bankruptcy Laws Prevent People From Filing For Bankruptcy
Though they may seem more complex, the new bankruptcy laws still allow debtors to file for bankruptcy. You should not let what you have heard about the changes dissuade you from talking to an experienced bankruptcy lawyer about your options.
Filing For Bankruptcy Causes Me To Lose All Of My Assets
Quite the opposite. In many cases, filing for bankruptcy protects your house, car, retirement accounts and other assets from creditors seeking repayment on loans or other debts. Do not be fooled by the general notions that circulate about bankruptcy.
To get the truth, speak with the personal bankruptcy lawyers at Chang & Diamond, APC. Call us today to schedule your free initial consultation. We offer Spanish speaking staff members to assist you.