What Bankruptcy Lawyers Want You to Know About Filing
It’s time to change the conversation around bankruptcy into one that is empowering, constructive, and positive instead of one that is shameful and misinformed. With an estimated 75% of Americans living one paycheck to the next and 27% with no savings to speak of, it’s easy to see how bankruptcy can happen to nearly anyone. Despite this fact, the thought of filing for bankruptcy or the reality of facing it is still highly misunderstood and stigmatized.
Between large amounts of misinformation and stereotypes surrounding bankruptcy, it can be difficult to separate fact from fiction. This confusion can lead to inaction, which will do nothing to improve a financial and legal path leading towards bankruptcy.
Debunking personal bankruptcy myths
Take a look at these common bankruptcy misconceptions. Can you separate bankruptcy fact from fiction? Remember that the more you know about filing for bankruptcy, the easier it will be for you to make an informed decision about filing or not filing for it. It’s also important to note that in many cases, choosing to file bankruptcy can actually improve financial matters rather than damage them.
It’s better to file without bankruptcy lawyers
Many people assume they can save money on filing for bankruptcy by doing so without the legal counsel of professional bankruptcy lawyers. This is far from the truth, and filing for bankruptcy without legal help can end up costing you much more in the long run. Between formal education and hands on experience, bankruptcy lawyers have a comprehensive understanding of bankruptcy law. Without such a thorough understanding, the average person filing for bankruptcy without legal representation or guidance runs the risk of unknowingly hurting their case and overall financial situation.
Your credit will be permanent ruined
While bankruptcy has an impact on credit standing, it by no means permanently damages it. In fact, many filers use the financial lessons they’ve learned from filing bankruptcy as a fresh start leading to improved credit. Many people are shocked at how soon they begin receiving credit card offers in the mail again, and how quickly they can start rebuilding their score. This is just another reason why working with bankruptcy lawyers is so important, since you can expedite the process of filing with their representation.
Bankruptcy is a long, difficult process
Thanks to electronic filing, the legal process of filing for bankruptcy is easier and faster than past years, when this this myth first began circulating. In many cases, all that’s needed to begin the bankruptcy filing process are property values, tax returns, bank statements, paystubs, and a list of debtors. Filing with a bankruptcy lawyer team only makes this process that much easier, while increasing the likelihood of a favorable outcome.
Call us today for knowledgeable assistance in your bankruptcy needs.