Common Bankruptcy Myths
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Before you decide to file for bankruptcy or hire a lawyer, you may decide to research legal advice. Unfortunately there are many bankruptcy myths that you will come across. It is important to understand the most common misconceptions regarding bankruptcy so that they do not affect your decisions or impact your ability to process accurate information. When it is not painted in a distasteful light, bankruptcy can provide relief from financial turmoil.
At Khoshnood Law Firm, P.C., our Atlanta bankruptcy attorneys are committed to ensuring that you are on the right track and can help you sort myths from facts.
We want you to see bankruptcy in an accurate light, which is that it can be a useful tool for individuals and businesses in specific financial situations.
A few common bankruptcy myths that our clients hear before coming to us include:
- Only irresponsible people file for bankruptcy: Actually, all different types of people file for bankruptcy and there are a number of reasons why, including economical problems, business failure, illness, and divorce.
- I won't be able to get any credit for 10 years: As soon as your case is discharged, you will be able to work on rebuilding your credit. Bankruptcy stays on your credit, but you can still begin the process of building credit again.
- If you file for bankruptcy, you will lose everything you own: If you file for bankruptcy with the help of a competent lawyer, you may be able to keep some of your assets. When you do not file for bankruptcy, you may lose assets.
- With the new laws, bankruptcy is useless: The "new bankruptcy law" was passed in 2005 and did in fact change many aspects of bankruptcy law, however much is still the same and these changes do not affect everyone.
- Everyone will know that I filed for bankruptcy: It is not easy to find out that you have filed for bankruptcy. Although it is part of public records, someone would have to hire an expert or gain access to the bankruptcy court system.
If you would like to speak with a attorney from our team in a free case consultation,
please give us a call at (404) 978-4411.