Morris County Bankruptcy and Credit Repair Attorney
When you are in debt and contemplating filing for bankruptcy, it is easy
to get caught up in what you believe to be true about filing for bankruptcy.
Many people are fearful to take a step toward getting their fresh starts
simply because they are relying too heavily on information that is simply untrue.
Get the Truth About Bankruptcy Myths and Misconceptions
The Morris County bankruptcy and credit repair lawyer at
Levine & Levine is highly experienced, knowledgeable, and dedicated to client service.
We can help you alleviate financial distress by dispelling myths and misconceptions
about consumer and small-business bankruptcy so that you can take a step
toward a brighter financial future.
To schedule a free consultation, call (973) 718-3999 or
contact our bankruptcy law firm online today.
The Many Myths of Bankruptcy
Here are some common bankruptcy myths and the truth behind them:
My credit will be ruined forever: One of the most significant myths about bankruptcy is that once you have
filed, you will never again be eligible for credit, meaning you'll never
be capable of buying a house, obtaining a car loan or even qualifying
for a credit card. However, your credit is often worse before filing for
bankruptcy than it is afterward. After filing for
bankruptcy, your debts are wiped clean or repaid (depending on the type of bankruptcy).
Therefore, your credit already starts to improve. Many other factors,
such as payment history and debt-to-income ratio, become important factors
in improving your credit score. While you may pay high-interest rates
for a period after filing for bankruptcy, these rates will improve over
time. Learn more about
repairing credit after bankruptcy.
Bankruptcy is embarrassing and it means I am a failure: Many people are ashamed or embarrassed about filing for bankruptcy. They
feel that it is a testament to their character and their ability to manage
their financial goals. However, there is nothing to be ashamed about when
filing for bankruptcy. Most have just endured a significant life circumstance —
divorce, severe illness, disability, loss of a high-profile business account,
adverse outcome in a lawsuit, etc. — that turns their finances upside-down.
Filing for bankruptcy is just a consequence of these situations. It is
your right under the Bankruptcy Code to obtain debt relief and somehow
move on with your life without such significant financial burdens.
My employer might find out and fire me: Bankruptcy filings are not reported to employers. While it is possible
for your employer to find out through other means, such as through public
court records, bankruptcy is still a personal matter unrelated to your
job performance. Just as an employer cannot fire you for filing for divorce,
your employer cannot fire you or treat you differently if you file for
I will lose everything I own: Bankruptcy laws were defined to protect you — the consumer. You
will never lose everything when filing, regardless of the type of bankruptcy
filed. In fact, in a
Chapter 13 bankruptcy, you do not have to give up any of your assets if you don't
want to. And, while
Chapter 7 bankruptcy is frequently known as liquidation bankruptcy, the truth is
that with proper usage of the bankruptcy property exemptions, you can
likely save a considerable amount of your property, if not all of it,
from being sold.
Get a Fresh Start: Contact Us in Florham Park for a Free Consultation
Will I be able to buy a new home, get a job, rent an apartment, buy a car
or obtain credit ever again? YES. Bankruptcy laws recognize the fact that
good people can find themselves in financial turmoil. Filing for bankruptcy
can be a step in the right direction.
To schedule a free initial consultation to discuss your debt relief options,
call (973) 718-3999 or
contact our Morris County bankruptcy attorney online.
We are a debt relief agency. We help people file for bankruptcy relief
under the Bankruptcy Code.