Bankruptcy Myths You May Encounter
Bankruptcy Attorney Serving Westchester County, New York
Bankruptcy is a subject rife with misconceptions and falsehoods. These can make it
difficult to get accurate information about how filing for bankruptcy
may affect you and whether filing is the
right choice in the first place. At the Bronson Law Offices, P.C. we are committed
to offering our clients information that is not only true but that applies
to their unique situation.
When you talk to a
Westchester County bankruptcy lawyer at our offices about your case, we will work to dispel any rumors or myths
you may have heard. Following are a few of the frequent bankruptcy myths
we have encountered in our years of practice:
Myth: Everyone will know that I filed for bankruptcy. Although bankruptcy is a public legal proceeding, chances are that no
one will find out that you filed unless you tell them yourselves. The
only exceptions may be if you run a large corporation or are a celebrity
of some kind, but in most cases it will not be an issue.
Myth: I will lose all of my property if I file a Chapter 7 bankruptcy. Although
Chapter 7 bankruptcy does involve the liquidation of
assets to pay off creditors, many of your assets will actually be protected.
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Myth: All of my debt will be eliminated. Not all debt can be discharged by filing for bankruptcy. Generally, you
can eliminate all debt except for certain
taxes, child support, spousal support and student loans. However, an attorney
can talk to you about your options in handling this type of debt.
Myth: I will have to pay off all of my debt if I file a Chapter 13 case. Although a
Chapter 13 bankruptcy involves the repayment of debt through a 3 to 5 year payment plan, this
does not necessarily mean that you will have to pay off all of your debt.
In some cases, you will only pay a small portion of what you owe and the
rest will be
discharged at the end of your payment plan.
Myth: I'll never be able to get credit again. It is true that bankruptcy shows up on your credit report, but
restoring your credit is actually easier than you think. You can start with a secured credit
card and then manage your money right and get yourself back on your feet
in a relatively short amount of time, depending on the particular case.
Myth: Only dishonest or irresponsible people file for bankruptcy. Even the most careful person may be blindsided by a sudden illness, job
loss or other situation that leaves them in dire financial straits. Particularly
with the economy and job market in the conditions they are currently in,
more and more people are finding themselves in need of
Contact a Westchester County Bankruptcy Lawyer
For the compassionate and experienced help you need in the face of overwhelming
debt, contact a
Westchester County bankruptcy attorney at our law offices today. We are committed to helping debtors throughout
Westchester County and the surrounding areas.