Month: June 2014

The Truth About Bankruptcy

Many misconceptions float around about bankruptcy. While it’s true that the laws are complicated and that many forms are required for filing bankruptcy, doing so is easier than you think. That’s especially true when you hire a bankruptcy attorney.

It is possible for people to file bankruptcy without the assistance of a bankruptcy attorney. However, the truth is that this is a bad idea. It’s all too easy for consumers to unwittingly leave out crucial information that can delay or, even worse, wreck their chances for declaring bankruptcy. Though hiring a bankruptcy attorney necessarily involves paying legal fees, most people who do so find the peace of mind that comes from having an expert at their side is ample recompense.

TRUSTED BANKRUPTCY ATTORNEY IN LEE’S SUMMIT

Perhaps one of the biggest misconceptions out there is that you will inevitably lose your home in bankruptcy. As any knowledgeable bankruptcy attorney can tell you, the reverse is typically true. While a bankruptcy will likely not make your mortgage go away, it also does not make your house disappear. The story is different if you’ve decided that hanging onto your house just isn’t worth it. A bankruptcy attorney can help to make your options clear.

HOW A BANKRUPTCY ATTORNEY CAN HELP

Another common misconception is the idea that your credit will be destroyed after filing bankruptcy, and that you won’t be eligible for having credit cards and won’t be able to qualify for loans for many years. As a bankruptcy attorney discovers time and again, credit card offers begin filtering in for most consumers just a few months after filing for bankruptcy. The limits tend to be low, and sometimes they are secured cards where the cardholder must deposit some money with the lender, but it is a step in the right direction toward re-establishing credit. A bankruptcy attorney can also help you find out how you may still qualify for loans after your filing.

Bankruptcy isn’t as frightening as some people think. Contact a bankruptcy attorney to learn more.