Dispelling Bankruptcy Myths
Before you file for bankruptcy, you must understand what you can and cannot accomplish with your filing. There are several common
myths about bankruptcy that must be dispelled before you decide to take this enormous step toward repairing your poor finances.
Depending on the type of bankruptcy that you file and the state in which you reside, know that you may not lose all of your belongings and property. This is a common myth that prevents many people from pursuing bankruptcy. By consulting with a Houston bankruptcy attorney prior to filing, you can learn what type of bankruptcy works best for your situation and what type of bankruptcy will allow you to keep certain possessions that are of value to you.
Another primary concern of filers is further damage to credit scores. While it is true that bankruptcy will remain on your credit history for up to ten years, the long-term benefits of bankruptcy generally outweigh the short-sighted negatives. Keep in mind, your bankruptcy filing will eventually be removed from your credit history and with proper management of your finances your credit score can improve.
Are you wondering what is true and false when it comes to filing for Chapter 7 or
Chapter 13? If so,
contact the Malaise Law Firm to discuss your fears and concerns with a
Houston bankruptcy attorney today.