Bankruptcy is one of those topics that many people have opinions about, often without having investigated the facts in detail. Some theories and opinions about bankruptcy take on a life of their own, as they are repeated in various forms. If you are experiencing serious financial stress and you are considering bankruptcy or alternatives to bankruptcy, you owe it to yourself to know the truth.
Plenty of information about bankruptcy is available online from government sources and other reliable sources. However, it can be difficult to interpret what you find in light of your own debt relief needs. The Crow Law Firm in Monroe invites North Carolina consumers who are burdened by debts to contact us. Talk to an attorney who will not just dispel myths for you in a general sense, but more importantly, will analyze your unique facts and apply the law to those facts.
Myths you have already heard or read might include the following:
- "Only bad people file for bankruptcy. It is a sign of moral failure." Simply not so. In fact, numerous famous and ordinary people have used bankruptcy for debt relief. Abraham Lincoln, Henry Ford and Walt Disney were among the famous ones. It is quite possible that some of your neighbors, friends and co-workers have filed bankruptcy without telling you.
- "Bankruptcy is no longer easily available since the bankruptcy law reforms of 2005 were enacted." Granted, there are more hoops for people to jump through than in the past, but most people who would have been eligible for bankruptcy before the laws were changed will still be able to.
- "A bankruptcy on my record will be bad for my career." Talk to a lawyer to discuss this concept. Many people obtain debt discharges without harm to their jobs. However, your bankruptcy court record is public information so there is no guarantee who might access it.
- "I will lose many or all of your assets if I file for bankruptcy." Wrong. In most cases, our bankruptcy clients are able to keep most or all of their personal property.
- "I will never be able to get credit again if I file for bankruptcy." Wrong again. After a debt discharge, most consumers soon receive new offers for credit cards, car loans and personal loans. Many are able to buy houses within a couple of years or more.
- "I won't be able to get credit for 10 years." While it's true that your bankruptcy will remain on your credit report for 10 years, opportunities to obtain credit are quite common for consumers post-bankruptcy.
- "Medical bills cannot be discharged." Not so. They can, indeed. In fact, people with medical debt are a large component of bankruptcy filers.
- "Bankruptcy is too expensive. There's no way I can afford it." If you file Chapter 13 bankruptcy, you will pay your attorneys' fees as part of your affordable monthly repayment. If you intend to file Chapter 7 bankruptcy, talk to us about how past clients of ours have managed the fees.
We Bust Bankruptcy Myths In North Carolina
Get your own bankruptcy myths in North Carolina out in the open. Ask one of our lawyers to tell you which hold true and which are misleading. Call or send an email to request a consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.