Bankruptcy can be an effective solution for many people who are drowning in debt. Unfortunately, there are many bankruptcy myths that prevent people from using this tool. If you're concerned about whether or not bankruptcy can help your situation, schedule a consultation at the Law Offices of Amy M. Logan. Our bankruptcy attorney will dispel the myths about bankruptcy and explain how this legal process can help you.
Make an appointment for bankruptcy legal services in Sandusky, OH or Northwest Ohio today.
Bankruptcy is complicated and can be confusing, so it's not surprising that there are so many myths about bankruptcy. 10 of the most common myths are:
Chapter 7 Bankruptcy law no longer includes a "no payment." While a Means Test was established to determine eligibility, the "no payment" option still exists for many debtors.
If I file for bankruptcy, I'll lose my car, house and retirement accounts. Many people who file for bankruptcy lose nothing except for their debt. Exemptions can protect your assets and property in a variety of cases.
Court officials will have to come to my home and inspect it. In most cases, the court won't have the time or resources to visit your house for an inspection.
My bankruptcy record will be made public. While bankruptcy is part of public record, it's typically not published and only the people you tell will find out.
Filing for bankruptcy will ruin my credit for life. There is a simple 3-year moratorium on house financing, and many people are eligible for an unsecured credit card shortly after filing.
Working with a bankruptcy attorney is too expensive. While there are fees associated with the legal process, bankruptcy often costs a small fraction of a person's outstanding debt.
I could be fired if I file for bankruptcy. There are many reasons a person might lose their job, but firing someone for filing for bankruptcy is illegal.
My spouse and I will both need to file for bankruptcy. Your spouse is welcome to file for bankruptcy with you, but it's not required. Joint debt will still be owed, even if spouses decline to file jointly.
I'll still have to pay back my debt. Most debts can be discharged during bankruptcy, with exceptions such as student loans, recent taxes and child support.
My creditors will still harass me until the bankruptcy is finalized. When you file for bankruptcy, an automatic stay prevents creditors from attempting to collect on your debt.
Don't let bankruptcy myths prevent you from seeking help. Speak with our bankruptcy attorney today to discuss your situation and how bankruptcy can give you relief from debt. Call 419-574-2690 now.