Bankruptcy Myths in Tucson

5 Common Bankruptcy Myths

  1. Only irresponsible people need to file for bankruptcy. This is completely false.  When people file for bankruptcy, they are being responsible by confronting their debt head on instead of avoiding it.  Filing for bankruptcy is not an easy decision to make.  However, responsible people usually decide to file for bankruptcy because they want to be accountable for their finances, deal with their debts and rebuild their credit.
  2. You should wait to file for bankruptcy. This is completely false.  People who procrastinate when it comes to filing for bankruptcy will only cause more harm than good.  Instead, people should choose to file for bankruptcy as soon as they encounter serious debt problems and still have possession of their assets.
  3. All your debts will be eliminated. This is completely false.  Not all debts are eliminated through bankruptcy.  Some debts, like student loans, taxes and child support payments will not be discharged.  This means that people will stay have to take responsibility, even after filing for bankruptcy.
  4. You will lose your house. This is false.  In some cases, people are able to remain in possession of their homes and prevent foreclosure by filing for bankruptcy.  While the outcome of each bankruptcy will vary person-to-person, many people have been able to keep their houses after filing.
  5. It will be 10 years before I get another credit card. This is completely false.  Yes, your bankruptcy will be removed from your credit report after 7 to 10 years.  However, your bankruptcy does not have to be removed in order for you to get a credit card.  Many creditors have become more lenient and are willing to grant people credit lines, even after they have filed for bankruptcy.

Tucson Bankruptcy Law Firm

The Tucson Bankruptcy Law Firm is truly a results oriented bankruptcy firm.  If you would like to speak with one of our Tucson bankruptcy attorneys about your debt, contact us to set up an initial consultation!

The Tucson Bankruptcy Law Firm is comprised of independent Tucson bankruptcy lawyers that handle Chapter 7 and Chapter 13 Bankruptcy cases in Arizona.

     

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