' Bankruptcy Facts and Myths - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Bankruptcy Facts and Myths

bankruptcy facts and mythsAre you struggling with debt?

Are you considering filing for bankruptcy but don’t know where to start?

You’re not alone. Many people face financial difficulties at some point in their lives, and bankruptcy can be a way out of this situation. However, there are myths and misconceptions surrounding bankruptcy that can prevent people from taking advantage of its benefits.

Let’s debunk some of the most common bankruptcy myths and give you the facts you need to make an informed decision about your financial future.

Myth #1: Bankruptcy means losing everything

Many people believe that filing for bankruptcy means you’ll lose all your assets, including your house and car. However, this is not true.

In most cases, you’ll be able to keep your home and car as long as you continue to make payments on them. There are exemptions in bankruptcy law that protect certain assets, such as your home, car, and personal belongings.

Additionally, some debts, such as student loans and taxes, cannot be discharged in bankruptcy, so you’ll still be responsible for paying them back.

Myth #2: Only people who are irresponsible with money file for bankruptcy

This is another common myth about bankruptcy. However, the truth is that anyone can fall on hard times and face financial difficulties.

Job loss, medical expenses, divorce, and other unexpected life events can all lead to financial strain. Bankruptcy is a tool that can help people get a fresh start and move on from their debts.

Myth #3: Bankruptcy will ruin your credit forever

While it’s true that bankruptcy will stay on your credit report for up to 10 years, it doesn’t mean that you’ll never be able to get credit again. In fact, many people find that their credit score improves after bankruptcy because they’re no longer burdened by unmanageable debts.

Additionally, there are steps you can take to rebuild your credit after bankruptcy, such as getting a secured credit card or a credit-builder loan.

Myth #4: You can choose which debts to include in bankruptcy

Some people believe that they can pick and choose which debts to include in their bankruptcy filing. This is not true.

When you file for bankruptcy, you must list all your debts, assets, and income. Some debts, such as child support and alimony, cannot be discharged in bankruptcy. Other debts, such as credit card balances and medical bills, can be discharged but must be included in your bankruptcy filing.

Myth #5: You should avoid bankruptcy at all costs

Finally, some people believe that bankruptcy is the worst thing you can do for your financial future. This is often not the case. If you’re drowning in debt and can’t see a way out, bankruptcy can be a way to start fresh and move forward. It’s important to talk to a bankruptcy attorney to see if it’s the right choice for you.

Dealing with debt can be overwhelming, but bankruptcy can be a helpful tool to get your finances back on track. Don’t let myths and misconceptions prevent you from considering the benefits of bankruptcy. By understanding the facts, you can make an informed decision about your financial future and take the steps you need to get back on track. Remember, you’re not alone, and there are resources available to help you along the way.

For more information or to schedule a consultation to discuss whether bankruptcy is right for you, contact the Law Offices of Robert M. Geller at 813-254-5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can You File Bankruptcy with Equity in Your Home?

For many individuals facing financial hardship, their home represents their most significant asset. However, when struggling with overwhelming debt, the...
Read More

Are Trusts Protected from Bankruptcy?

Trusts are powerful estate planning tools. They allow people to protect and distribute their assets according to their wishes. This...
Read More

The Truth About Bankruptcy and Buying a Car

The Truth About Bankruptcy and Buying a Car Bankruptcy often carries a stigma of financial ruin and a bleak future....
Read More

How Do Bankruptcy Lawyers Get Paid?

Bankruptcy can be a stressful and overwhelming experience, but having the right legal representation can make all the difference in...
Read More

Do You Lose Your Home When You File for Bankruptcy?

Filing for bankruptcy can be a daunting prospect, especially when it comes to concerns about losing one's home. Your home...
Read More

Can You File Bankruptcy During a Divorce?

Divorce and bankruptcy are personally difficult and also complex legal processes that can have significant implications for your financial future....
Read More

Can You File Bankruptcy on Restitution?

Facing financial struggles can be overwhelming, especially when debts include complex legal obligations like restitution. What is restitution and how...
Read More

Can You File Bankruptcy After a Judgment?

Receiving a judgment against you in a lawsuit can be a distressing experience. This is especially true if you're already...
Read More

Can Back Taxes Be Included in Bankruptcy?

Dealing with back taxes can cause a lot of stress and financial burden for anyone facing financial hardship. If you're...
Read More

Can an Estate File for Bankruptcy?

Many people wonder whether or not an estate, such as the one left behind after someone passes away, can file...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions