For a lot of people, bankruptcy is the worst thing that can happen in life. Still, even though there has been a rise in bankruptcy filings by 16 percent over the last year, it’s not the end of the world. In fact, many clients are misinformed about bankruptcy regulations so they’re afraid to see it might be their best option.
Every professional Miami bankruptcy attorney will explain to you that bankruptcy filings are quite common and will help you understand the entire procedure better, so you won’t be afraid to proceed with the filing.
But first, it’s crucial to realize the most common misconceptions about bankruptcy, which will help you make the right decision.
#1: I Will Lose All My Property if I File for Bankruptcy
In most of the bankruptcy filing cases, the debtors rarely lose all their property. You can rest assured that all your savings, home, vehicle, furnishing, and even clothes are safe. The law usually provides exemption opportunities that allow you to keep all your personal belongings.
#2: The Fact That I File for Bankruptcy Will Become an Open Secret
This isn’t true at all. No one from your co-workers, friends, or even family members will know that you made this decision unless you tell them. Chances are, the only people that will find out are your creditors. Besides, federal law can significantly help employees from being fired if they’re going through bankruptcy.
#3: Bankruptcy Will Ruin My Chance of Getting Credit Again
This is another false statement because you’ll definitely have a chance to rebuild your credit after bankruptcy. The thing is that nowadays, a lot of companies are targeting those clients that have already filed for bankruptcy, as their old debts are already resolved. Don’t be surprised if you get a card offer within months after finishing the procedure.
#4: My Spouse Is Obliged to File a Bankruptcy as Well
In many cases, the husband or the wife only files bankruptcy. You’re not in any way obliged to file a joint bankruptcy; however, in some cases, it can be more beneficial for both of you.
#5: Only Those Who Are Good-For-Nothing File a Bankruptcy
This is absolutely false! In most cases, the reasons behind bankruptcy are life-changing events like losing a job, getting a divorce, contracting a serious illness, or having a failed business venture.
It’s far from true that bankruptcy filers are irresponsible and that they’re not working hard enough. They just still haven’t found a way of managing money appropriate for their needs.
Looking for More Clarification? Ask the Best Miami Bankruptcy Attorney Today!
We’re aware that considering bankruptcy as an option can be quite difficult. However, it’s up to you to decide whether to embark on this, let’s call it a ‘journey.’
If you’re looking for someone to guide you through the process, look no further than Miamibancruptcy.net. We’re here to guide you and offer you the best-personalized strategies for billing bankruptcy.
Call our team today, and have a knowledgeable attorney consult you on all your debt options!