If you are drowning in credit card debt or struggling to make your monthly payments you may be weighing your debt relief options. Bankruptcy is often the best option for many, but unfortunately some read bad information or get bad advice and decide against it. There are many misconceptions and myths when it comes to bankruptcy.
MYTH #1: If I file bankruptcy I will lose assets. Many think they will lose stuff when they file. While some Chapter 7 debtors can stand to lose assets, most don’t lose anything at all. This is because they are allowed to declare exemptions. If property is not exempt, you can file Chapter 13 where you won’t stand to lose assets to a Trustee. Also, an experienced attorney may help you protect property through careful exemption planning. Never attempt any exemption planning without first consulting with a lawyer.
MYTH #2: I won’t be able to obtain credit after bankruptcy. Bankruptcy may remain on your credit report of up to 10 years. Still, many who file get car loans and offers from credit card companies immediately after bankruptcy. Some even see their credit scores rise above 700 within 2 years after bankruptcy. Sapinski Law Office, S.C. offers our clients a credit repair program that ensures excellent credit after bankruptcy.
MYTH #3: If I have filed bankruptcy I can’t file again. Even though you can only obtain a Chapter 7 discharge once every 8 years, you can file Chapter 13 any time after you complete Chapter 7 to protect yourself from your creditors. However, your subsequent Chapter 13 filing won’t eliminate your debt unless it is filed at least 4 years after your Chapter 7.
MYTH #4: Everyone will know about my bankruptcy. Most file without anyone ever knowing about it. While bankruptcy filings have been posted in some local newspapers, most don’t list them anymore and few ever read the paper. Your case information will appear on the Bankruptcy Court website. Normally that site is not accessed by the general public and is generally viewed only by bankruptcy attorneys, creditors and Court staff.
15+ Years of Experience in Milwaukee
If you are wondering whether bankruptcy is right for you, call Milwaukee bankruptcy attorney Andrew Sapinski. Sapinski Law Office, S.C. will review all your non-bankruptcy and bankruptcy options, explain all the myths and find the best course of action for you. Remember we always offer free initial consultations, affordable fees and stress-free, no-hassle payment plans.
Having successfully handled over 2,000 bankruptcy cases, call our Milwaukee bankruptcy firm today!