Northern Colorado Bankruptcy Myths
There are many misconceptions regarding bankruptcy that affect a person’s decision on whether he should file for bankruptcy protection. When considering bankruptcy, it is best to obtain advice from a professional bankruptcy attorney who has the legal expertise to answer all your questions.
At the Sumner Law Office P.C., we have the knowledge you will need to fully discuss your options when it comes to dealing with your debt and bankruptcy. There are common myths abounding, which we will answer for you briefly.
All my debts can be eliminated in bankruptcy.
Although you can discharge quite a few types of debt through bankruptcy, certain debt such as child support, alimony, and student loans are still owed and cannot be discharged.
My credit will be ruined for 10 years.
Although a Chapter 7 bankruptcy will appear on your credit history for 10 years, your credit rating will begin to improve as time goes by and you re-establish your credit. Your credit was probably already affected considerably if you had late payments or any wage garnishments or lawsuits.
Bankruptcy is hard to get through and qualify for.
When you have an experienced bankruptcy lawyer working with you, the most difficult part will be deciding whether filing bankruptcy is the right choice for you. Your attorney will help you determine which filing is right for you and will take care of all the legal paperwork.
I will lose everything I own.
Most bankruptcies do not affect your being able to keep all of your assets. Many assets are protected by bankruptcy laws. In fact, the majority of people who file for bankruptcy give up none of their assets.
I will not be able to get credit again.
Not so. Although you will pay a higher interest rate for some time, you will begin getting credit offers shortly after your filing.
Don’t fall for bankruptcy myths. Get the real data by contacting one of the bankruptcy attorneys at the Sumner Law Office P.C.