Learn Accurate Information About the Bankruptcy Process
Let Us Debunk Common Misconceptions and Tell You the Truth About Bankruptcy
False information about bankruptcy has discouraged many people from taking advantage of this invaluable debt-relief option. By refusing to file for bankruptcy you may not get the help you need to overcome financial challenges. Commonly-held perceptions about the bankruptcy process and its impact on the lives of individuals who file for bankruptcy are largely inaccurate. I am attorney Kathleen S. Davies, and I am here to provide you with honest advice and information regarding your rights under the law, and what you can expect when filing for bankruptcy.
At my office, The Davies Law Firm, LLC, with locations in Orlando, Cocoa and Kissimmee Florida, I help people throughout Central Florida that are facing tough legal issues. I understand how seemingly insurmountable debt puts an enormous strain on individuals and their families. I have seen first-hand the destructive results stress can have on the entire family. That is why I work hard to find effective solutions that are in your best interest. You can rebuild credit and get a fresh financial start even if you owe substantial debt for credit card purchases, medical bills, or loans.
One of the biggest myths is that a person who files for bankruptcy has failed in some way. This could not be further from the truth. Bankruptcy is a safety valve, specifically designed by lawmakers to prevent individuals from being permanently chained to their debts.
Common Bankruptcy Myths in Florida
People who file for bankruptcy can never get credit again.
While a bankruptcy will appear on your credit report for up to 10 years after filing, many people in a Chapter 13 repayment plan can still borrow money while paying off their debts. Many of those who file for Chapter 7 bankruptcy protection can apply for and obtain credit cards immediately after the discharge of their debts. Your credit score can be rebuilt, and it often happens much quicker than you would think possible.
I will lose my house if I file for bankruptcy.
In most bankruptcies, people can keep their homes and other property, including the family car and essentials (appliances, tools used for work, clothing, etc.). This is done by using exemptions that are allowed under the law to keep assets. Filing for bankruptcy imposes an automatic stay, temporarily stopping creditors from attempting to collect payments from you.
Bankruptcy is no longer available due to the means test.
While it is true that changes were made to the Bankruptcy Code in October 2005 that made it more difficult for some people to file for Chapter 7 bankruptcy, many of those people are still eligible to file for bankruptcy under Chapter 13.
Talk with an Experienced Attorney for More Information
To learn more information about these and other common bankruptcy myths, talk with a lawyer who can help you separate fact from fiction. Contact The Davies Law Firm, LLC today to schedule your free initial consultation at my Orlando, Cocoa or Kissimmee law offices. You can call me locally at 407-401-7292 or toll free at 866-471-4282.
*We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
