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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 a 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. Click here to learn more about bankruptcy exemptions.
  • 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 debt relief.

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.