In the past, people had related bankruptcy to a negative event, something taboo that should not be spoken of. This negative stigma has largely eroded. These days, more and more, bankruptcy is being looked at as a positive solution to a debt problem. Filing bankruptcy can be the logical solution to helping you attain real debt relief.
Most of us understand that bankruptcy can be an effective way to get out of debt, to get debt relief. Depending upon what type of bankruptcy you file, you may be entitled to different types of relief. For example, Chapter 7 is typically filed to wipe out credit card debt and get a fresh start. Chapter 13, in contrast, is frequently filed to stop a home foreclosure sale, even on the eve of a scheduled foreclosure sale date.
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Of course, not all people are eligible for bankruptcy relief. A bankruptcy lawyer needs to examine your situation and advise you as to whether you qualify to file bankruptcy and whether you qualify to file under a particular chapter that would be beneficial for your unique situation. Even if bankruptcy is not an option, there are other debt relief options that your bankruptcy lawyer can discuss with you.
In the United States the majority of all bankruptcies are filed under chapters 7 and 13. Few bankruptcies are filed under chapter 11 or chapter 12, and even fewer are filed under chapters 9 (cities and municipalities) and chapter 15 (cross border cases). Chapter 7 is filed mainly by those with credit card debts and other unsecured debts. Chapter 13 is filed mainly by those who want to save their home from foreclosure or erase a second mortgage or home equity line of credit (HELOC loan) through the power Chapter 13 lien avoidance process.
When it comes to making the decision to file, we at the Bankruptcy Legal Center have found that there are a lot of prevalent myths about bankruptcy.
One of the biggest myths about bankruptcy is that only low income earners file bankruptcy. This could not be farther from the truth. In fact, low, middle and high income earners all file bankruptcy. Famous actors, producers and billionaires file for bankruptcy as is evident from watching the nightly news. Bankruptcy is a means of Debt Relief for all people. It is your constitutional right and should be exercised when a bankruptcy lawyer determines that exercising your bankruptcy right is in your best interests given all the circumstances.
Perhaps the next most common myth is that bankruptcy ruins your credit. In fact, bankruptcy not only gives you Debt Relief but it can also help you rebuild your credit and raise your credit score. Many people see their credit score substantially increase after bankruptcy since their creditors stop reporting late payments each month.
Another common myth about bankruptcy is that you will lose all of your assets when your file bankruptcy. This is not true. In most cases, you will keep all of your assets when you file bankruptcy.
So if you are considering filing bankruptcy to get debt relief, make sure that your decision is not tainted by any of the myths about bankruptcy. Myths are not reality, that's why they are called myths.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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