Bankruptcy Myths 101

Do you find yourself confined by the chains of debt and financial stress? The stress caused by debt can result in many sleepless nights and frequent fights with a spouse, loved one, or roommates. Many continue to suffer through their financial troubles simply because they believe there is no way out. Even if bankruptcy comes up, it is often dismissed due to the negative myths surrounding it. Well, we're here to tell you that bankruptcy is a viable option for one seeking relief from debt. Here are some of the most popular myths surrounding bankruptcy and whether or not you should consider it.

Filing for bankruptcy is a sign of irresponsibility.

There is a belief that anyone who files for bankruptcy must be completely irresponsible with their finances, succumbing to massive amounts of credit card debt. It's not that this is never the case, but most cases of bankruptcy occur because of a job loss, unexpected medical expenses, or a recent divorce. Many people who file for bankruptcy find themselves in an unexpected situation where they need help to manage their bills and pay off their debts in a structured way. Bankruptcy is a means to get back to good financial standing.

All of my property will be repossessed.

Bankruptcy does require some sacrifice, but there are ways you can file for bankruptcy and not lose your home or your car. Bankruptcy is meant to help you keep what is most important while being able to rebuild your credit over a period of time. At April Randle Law, we can discuss the various options that are available to you if you are considering filing for bankruptcy.

Filing for bankruptcy is extremely difficult.

Bankruptcy is an involved process, but working with an experienced and efficient bankruptcy attorney makes it quite simple. April Randle has extensive experience working with bankruptcy clients in Cleveland, TN. She will protect your best interests during your case and make the path to being debt free all the more simple.

Bankruptcy will destroy your credit forever.

This is simply not true. Bankruptcy is a way to begin rebuilding your credit. It will take time, but if you keep your job, pay the bills you have, start saving, and live responsibly, then you will build back your credit. Bankruptcy will continue to be listed on your credit report up to 10 years, but that does not mean that it will hurt your building credit during that time.

Everyone will know you are bankrupt.

False. This happens a lot with celebrities, but we all know the personal details of celebrity lives. In most cases, only your creditors, your attorney, and whomever else you tell will know that you have filed for bankruptcy.