There are many rumors floating around regarding bankruptcy and what happens after you file. I want to discuss some of these rumors.
I'd like to address the top 5 most talked about myths when it comes to your bankruptcy filing.
1. If I file for bankruptcy, everyone is going to know about it. Most often the only people that will know about it are the ones you decide to tell and your creditors. Even though bankruptcy is a public proceeding, there are so many people and companies that file for bankruptcy, unless you are prominent, no one will run a press release about it.
2. I'm going to lose all that I own. Unfortunately, this is too often the showstopper for the people bankruptcy could help the most. Each state has it's own laws regarding bankruptcy and your rights, but all of them will protect certain assets of yours. Things like you house, clothes, retirement savings, etc. are protected. You can even keep your mortgage and car loan active if you can make the necessary payments.
3. My credit will be destroyed forever and I'll never get it back. Not so. You will be offered credit again, albeit at higher interest rates. Large purchases should be made prior to bankruptcy due to the higher interest rates. Getting loans for things like a car or house may prove more difficult. However, you will be able to get credit again.
4. The bankruptcy process is a long and hard one. That isn't true. The process isn't that difficult to go through and with the help bankruptcy lawyers in Michigan, you will find it isn't that bad.
5. Filing for bankruptcy has a bad stigma attached to it and I don't want to be a deadbeat. The majority of bankruptcies are filed because people have come upon hard times. They got sick, divorced, or laid off. Bills piled up and there was little they could do to keep up.
Filing for bankruptcy isn't a process you should take lightly. It is a good idea to consult with bankruptcy lawyers in Michigan to make sure you are handling all aspects of the process correctly. - 31380
I'd like to address the top 5 most talked about myths when it comes to your bankruptcy filing.
1. If I file for bankruptcy, everyone is going to know about it. Most often the only people that will know about it are the ones you decide to tell and your creditors. Even though bankruptcy is a public proceeding, there are so many people and companies that file for bankruptcy, unless you are prominent, no one will run a press release about it.
2. I'm going to lose all that I own. Unfortunately, this is too often the showstopper for the people bankruptcy could help the most. Each state has it's own laws regarding bankruptcy and your rights, but all of them will protect certain assets of yours. Things like you house, clothes, retirement savings, etc. are protected. You can even keep your mortgage and car loan active if you can make the necessary payments.
3. My credit will be destroyed forever and I'll never get it back. Not so. You will be offered credit again, albeit at higher interest rates. Large purchases should be made prior to bankruptcy due to the higher interest rates. Getting loans for things like a car or house may prove more difficult. However, you will be able to get credit again.
4. The bankruptcy process is a long and hard one. That isn't true. The process isn't that difficult to go through and with the help bankruptcy lawyers in Michigan, you will find it isn't that bad.
5. Filing for bankruptcy has a bad stigma attached to it and I don't want to be a deadbeat. The majority of bankruptcies are filed because people have come upon hard times. They got sick, divorced, or laid off. Bills piled up and there was little they could do to keep up.
Filing for bankruptcy isn't a process you should take lightly. It is a good idea to consult with bankruptcy lawyers in Michigan to make sure you are handling all aspects of the process correctly. - 31380
About the Author:
When you are facing the prospect of filing for bankruptcy a good idea is to connect with bankruptcy lawyers in michigan. Ardelean & Dunne are talented bankruptcy lawyers in michigan. Ardelean & Dunne will help to resolve your bankruptcy issue and get you on the right track again.
