3 Critical Bankruptcy Misconceptions

Bankruptcy is often regarded as a negative in American society, as something that is frequently the result of poor financial decisions and recklessness with spending. However, this is simply untrue for millions of Americans who seek Chapter 7 and Chapter 13 protection from creditors. As debt builds up from necessary expenses such as medical bills or remains a major burden coupled with an abysmal job market, there should not be any shame for debtors who need help.

If you are looking for some sort of assistance with your uncontrollable debts, our experienced advisors may be able to assist you. To learn more, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.

Misinformation to Disregard

Due to social bias and the advocacy of creditors, many debtors are at risk of making critical missteps in the handling of their situation because they are acting on the basis of incorrect information. The following are three examples of misinformation that you must disregard.

Myth: Bankruptcy can get you fired at work.

Truth: In short, no. Bankruptcy is not widely considered grounds for termination. However, if a debtor mishandles their bankruptcy, they may find their financial problems taking a heavy toll on their work performance. This is one of the many reasons why an attorney can prove extremely useful for a debtor considering bankruptcy.

Myth: Bankruptcy ruins your financial opportunities.

Truth: Bankruptcy has a major impact on a person’s finances, which is positive and negative. While a person’s credit score can suffer initially because of bankruptcy, they can have debts discharged or made more manageable, thereby preventing the ongoing downward pull of late and missed payments.

Myth: Bankruptcy will cause you to lose all of your property and assets.

Truth: Thanks to repayment plans and exemptions, a person will not lose all of his or her property or assets in the course of a bankruptcy case. Even in a so-called liquidation bankruptcy, most debtors are able to retain their property.

Contact Us

If you are struggling financially, bankruptcy might offer you a way forward. To discuss your options further, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.