Misconceptions About Filing Personal Bankruptcy

Posted on April 8, 2011
  • Filing bankruptcy is dishonest. Bankruptcy was designed to give you a fresh start and is a legal right intended to protect honest, hard working individuals who become unable to pay their debt.
  • I will lose my home and property. In actuality, filing bankruptcy could save your home from foreclosure. Soon as you file, an automatic stay will be placed and foreclosure proceedings will stop.
  • I won’t be able to re-establish my credit or secure a loan. It may take some time to rebuild credit after bankruptcy but many banks do actively pursue individuals who have filed bankruptcy in order to help them build their credit
  • I can’t own anything after because it may be seized. This will only happen if you have agreed upon bankruptcy payments of a certain amount each month and you go for several months without making your payments. The bankruptcy agreement will then be considered void and you will be once again liable for the entire debt to all of your creditors. In that event, your property would once again be at risk. Keep making timely payments and you’ll have nothing to worry about.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact please contact us at (857) 244-1940 or fill out the form on the right.

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