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Lies about Bankruptcy that Keep People from Filing

Posted By Allmand Law Firm, PLLC || 5-Jul-2013

Everyone agrees that bankruptcy is a powerful financial tool that can help you obtain a fresh start. Yet there continues to be myths, misconceptions, and misunderstandings about the purpose of bankruptcy and its related processes.

A number of bankruptcy professionals who are familiar with such misconceptions can probably write a few books about reasons why people do not file. Some people have false beliefs surrounding what they think will happen if they file, and this alone could be putting more financial stress onto their situation than if they just allow themselves to go through the filing process. Taking the time to research questions and concerns you may have can help save time and money.

There are a number of lies that have kept people from potentially making a positive decision about their finances:

  • "I won't be able to get a credit card again after filing."
  • "I won't be able to apply for a home or vehicle loan if I file."
  • "I will lose my home, personal property, and other valuables to creditors."
  • "I will lose my house if I miss a mortgage payment."
  • "I don't want to file because of the shame I'll experience afterwards."

The list of lies can on and on. When you are misinformed it can be easy to get lost and confused in misconceptions. For the most part, bankruptcy has helped people not only regain financial control or a fresh start, many have found it easier to obtain credit and get it reestablished within weeks or months after filing. Contact a Fort Worth / Dallas bankruptcy lawyer to review your options and become better informed.

Categories: Bankruptcy
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