Those who are struggling to pay off their obligations, however, will find the process extremely rewarding. With Chapter 7, the slate is wiped clear. You can obtain protection and restructure your debts without losing your assets under Chapter 13. These are two excellent options to consider if your financial situation is dire. Let's examine a few of the misconceptions people have about bankruptcy.
Debunking Fallacious Beliefs
One of the most prevalent misconceptions is that you'll be completely destitute after filing. Even in Chapter 7, where your assets are liquidated, this claim is false. Whoever believes this has obviously never been through the bankruptcy process and is not a bankruptcy lawyer. When you apply for bankruptcy, you are seeking refuge, a safe haven. The courts will not force you to live on the street with nothing to your name. You will preserve vital assets.
Another common misconception is that you will never find a respectable job. Any competent bankruptcy lawyer should be able to dispel this misconception for you. Yes, it will remain on your credit report for a few years after you've completed the bankruptcy process. However, it is highly unlikely that a prospective employer will retrieve your credit report. They may retrieve your credit score, but it will not reveal that you have previously declared bankruptcy.
The third common misconception is that you will never receive credit again. Ridiculous. As you likely already know, credit card companies are overly anxious to place credit in your hands. You will likely be surprised at how rapidly credit offers begin to arrive in your mailbox after filing. Give it some time... you will see! The reality is that credit card companies are hauling in the dough. There are very few individuals they will not solicit for their services. You may have to spend some time reestablishing your creditworthiness, but it will happen eventually.
If you feel overwhelmed by debt, you may want to consider filing for bankruptcy. Consultation with a bankruptcy lawyer is one of the most effective methods to get started!""
" - https://www.affordablecebu.com/
