By bankruptcy lawyer in Post St Lucie Jon L Martin, the author of “What Everyone ought to Know about Debt Relief Today!”
Where do you get your information about bankruptcy? As a bankruptcy lawyer in Port St Lucie Florida, I’ve learned that the buzz about bankruptcy isn’t always true. Here are a few of the biggest bankruptcy myths:
– My mom said I’ll never be able to buy a house or own property after bankruptcy. Is this true?
This is simply not true. Although it may not be wise to buy a property for a few years after declaring bankruptcy, you can rebuild your credit, save a down payment, and then find a lender – just like everyone else.
– Everyone will judge me if I declare bankruptcy.
As I mentioned before, although bankruptcy is public record, chances are that no one will find out unless you tell them or unless you are in the public eye. Second of all, especially in tough economic times, there are many people of all types and backgrounds who have found themselves in difficult financial situations – and most people will understand that you have researched your options and made the best choice for your family.
– Filing for bankruptcy is a difficult process involving a lot of red tape.
Although bankruptcy has gotten more difficult over the past three years, it is certainly worth the trouble for certain people with specific financial troubles. Especially if you hire an experienced bankruptcy attorney in Port St Lucie to assist you, the process can be smooth and relatively fast. Today, you may even file for bankruptcy electronically.
– If I file for bankruptcy, my wife or husband will have to file, too.
This is simply not true. Although it is often better for a couple to file for bankruptcy together, there are plenty of situations where it is optimal to have two people file separately, or to only have one person file. Your bankruptcy lawyer in Port St Lucie can help you decide which option is best for your family based on your individual circumstances.
– It is shameful to file for bankruptcy – it’s admitting failure.
The vast majority of people file for bankruptcy after a tough life change, such as a divorce, medical emergency, or layoff. Others simply made bad decisions and need a clean slate and a new opportunity. All in all, over one million people file for bankruptcy a year – for a variety of reasons. It doesn’t mean they are bad people or irresponsible people. If that were true, there wouldn’t be a system to help these people turn the page.
– I’ll never be able to use a credit card again.
Although at first your credit card companies will charge you high interest rates, you can still get a credit card in the wake of a bankruptcy. And although you should be very careful when using credit in the years after filing a bankruptcy, your credit will improve in a few years, especially if you make smart choices.
– I can’t file for bankruptcy because I already did in the past.
Although there is a waiting period between filing, you can file for bankruptcy again. Beginning in 2005, you are allowed to file for Chapter 7 bankruptcy every 8 years and Chapter 13 bankruptcy every two years. Remember, though, that repeat filings will be very damaging to your credit and could perhaps point to deeper issues you may be having with handling your finances.