Common Bankruptcy Myths

Filing for bankruptcy can be a stressful process, especially if the myths that exist have made their way into your earshot. There’s a ton of myths out there concerning bankruptcy but today the truth is revealed. Read below to learn more about some of the most common myths about bankruptcy. Remember, the truth can set you free!

Myth 1: You Lose Everything

If you file bankruptcy, it doesn’t mean that you are giving up your vehicle, your house, land, or other prized possessions. In fact, depending on the type of bankruptcy that you file, it may actually protect these valuable items from being repossessed.

Myth 2: Bankruptcy is Expensive

You should never attempt to file for bankruptcy without an attorney by your side. It is far too complex of a process to attempt yourself. However, even when you hire an attorney, costs of filing are still reasonable, especially considering the benefits that come at the end of the day.

Myth 3: All of Your Debts are Eliminated

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You can file Chapter 7 or Chapter 13  bankruptcy and get relief from most of the debts that you’ve incurred. However, not all debts can be eligible for discharge, including child support and alimony payments.

Myth 4: There are Better Options

You’ve probably tried everything possible to get out of debt before you consider bankruptcy prince georges county md. If these options have failed to provide the relief that you needed, then this is the best option to use to handle your financial needs.

Myth 5: Bankruptcy is  a Sign of Failure

Most people would rather not declare bankruptcy but sometime life happens and it has other plans for us as it does. If you need to file bankruptcy, it gives you a fresh start to make finances right.