Five Bankruptcy Myths Creditors Want You To Believe

There are many across the countries that are in need of financial aid

. Many have thought about filing for bankruptcy all across the US; however, they have let their limited knowledge keep them from doing so. The fact of the matter is that there are several myths floating about that creditors would like everyone to believe. Those who get the facts about this situation are those who will be better equipped to hire a local NC bankruptcy lawyer and take care of their financial woes.

Myth #1 - Both Spouses Have to File

False! Many spouses are under the belief that their credit becomes the same after marriage. Not so. Credit is only accounted for on an individual basis. While it is true that spouses' credit scores are often similar, this is only a result of taking on joint loans. Each individual has their own individual credit score which means if one spouse files for bankruptcy, the other does not necessarily have to.

Myth #2 - You Can Only File Once

Not so! When the new bankruptcy law came about in 2005, it caused a great deal of panic and confusion. Masses of rumors were spread - many of which saying that an individual can only ever file for bankruptcy just once in their lifetime. That is absolutely not the case. The fact of the matter is, depending upon the type of bankruptcy one files; it can be done again as soon as four years and as late as every eight years.

Myth #3 - Filing for Bankruptcy Makes Someone a Bad Person

Again, this is not true. Society has a way of stereotyping nearly every situation. Unfortunately, bankruptcy has been given a stereotype that only bad people file for it. That is not the case at all. There are countless extenuating circumstances that lead many responsible, intelligent and good people to have to file. Also, remember there is life after bankruptcy. Anyone can start anew just as millions have done before.

Myth #4 - You Will Lose Everything

It is more likely that nothing will be lost. The purpose of filing bankruptcy is to protect one's assets, not to have them taken away. While there are exceptions to every rule, the majority of those who file for bankruptcy are able to keep their homes, vehicles, personal belongings, and even various long-term investment accounts. Those who are faced with losing their home or vehicles would be wise to take action call a local NC bankruptcy lawyer to protect against losing these valuable assets.

by: Art Gib

POST COMMENT

A Fresh Start With Bankruptcy Hiring The Right Bankruptcy Lawyer Trying To Get A Loan Immediately After Bankruptcy Bankruptcy Vs. Foreclosure: The Pros & Cons Of Both How To Find The Best Bankruptcy Lawyer Harrisburg, Pennsylvania Files For Bankruptcy Chapter 7 Or Chapter 13 Bankruptcy Know The Difference Britain's Lenient Bankruptcy Laws Bankruptcy Attorney -to Safeguard Your Inheritance Bankruptcy Lawyer -to Guard Your Inheritance The Real Benefits Of Provo Bankruptcy Lawyer Finding Help With Provo Bankruptcy Cc Brown Law - Bankruptcy Creditors' Meeting Is More Than Just A Mere Formality