Myths About Bankruptcy

There are myths about everything everywhere in our daily lives. You have probably heard a lot of them before – cracking your knuckles gives you arthritis, chewing gum stays in your stomach for 7 years (it really only stays in for a few weeks). With bankruptcy, this is no different. Check out a few bankruptcy myths below, and their much more feasible answers as well.

Myth: I filed for bankruptcy. Now I’m going to get fired, right?

No, you’re not going to get fired. In fact, a current or future employer may not discriminate against you because you filed for bankruptcy according to the law. We wouldn’t recommend blabbing about the fact that you filed, but that’s up to you in the end.

I’ve got to be homeless or broke to file for bankruptcy.

Not true. In all actuality, you shouldn’t wait until you are broke to file for bankruptcy as you probably won’t have any money to use in the event of an emergency. Always talk to an experienced lawyer. If you live in Atlanta, your best bet is without a doubt The McCormick Firm PC. Not only will one of their lawyers help walk you through the process of filing for bankruptcy, they won’t charge you for your first visit, either.

Should I say goodbye to my credit forever?

No, there’s no reason for teary-eyed goodbyes. Yes, it’s true that when you file for bankruptcy it will show up on a credit report for the next 10 years. But plenty of folks around the United States file for bankruptcy and are able to rebuild their credit just fine. For some their credit actually improves, as they’re repaying your debts. Odds are if you’re filing for bankruptcy your credit wasn’t spectacular to begin with, so you’re only helping yourself by repaying your debts.

Like everything in life, it’s best not to believe everything that you hear. We hope that these myths and the myth busters that we provided help you and your debt relief plan. Remember, bankruptcy is a serious matter and should be treated as such. Always speak with a professional before taking any legal action on your own.

Related resources:
1. Debt recovery and insolvency : http://glaisyers.com/
2. http://en.wikipedia.org/wiki/Insolvency
3. http://bankruptcy.about.com/od/Bankruptcy-Basics/a/What-Is-Chapter-13-Bankruptcy.htm