What Are The Common Bankruptcy Myths?
We have had many clients come in with misconceptions. Unfortunately, these myths can be very damaging when people are thinking about bankruptcy which is why our bankruptcy lawyer has prepared a list of common myths. By doing this, our New York bankruptcy lawyer can eliminate any confusion and prevent any potential harm that could be done by false information.
You Are Financially Irresponsible If You File For Bankruptcy
This is simply not true. People are more likely to experience severe personal problems in one out of three areas: losing their job, suffering a serious illness, or going through a divorce. In other words, financial problems can often arise due to unforeseeable circumstances, and filing for bankruptcy might be the only way to give yourself a chance of recovering. At the same time, however, filing for bankruptcy is a serious decision that should not be taken lightly. It is best to talk to an experienced New York bankruptcy lawyer before making any decisions.
You Will Not Have Credit Or Qualify For Mortgages After Bankruptcy For 7 To 10 Years
Contrary to popular belief, you do not need to wait seven years after filing for bankruptcy to have good credit again. Although bankruptcy will stay on your report for ten years, many people work hard during that time to rebuild their credit score. In fact, it’s common for consumers to receive credit card offers in the months directly following filing for bankruptcy. You can often purchase cars and even qualify for mortgages two-three years post-bankruptcy without any issue whatsoever.
Building A Good Credit Report After Bankruptcy Is Impossible
Our Staten Island bankruptcy lawyers can help you understand what needs to be done in order to rebuild your credit. This includes follow-ups after your bankruptcy to review your credit reports and make sure that they accurately reflect your current financial situation. Beware that some major credit card companies may try to leave negative marks on your report, hoping that it will cause trouble for people who have filed for bankruptcy. We recommend that our clients visit our law firm after bankruptcy, and our bankruptcy attorney will work to have any negative marks removed from their credit reports.
You Can Only File For Bankruptcy Once You Have Used Up Your Entire Life Savings
You do not have to use up your entire life savings before filing for bankruptcy. When you come to us for assistance, we can help you figure out how to keep your most important assets and still get a fresh start on your financial life. The most heartbreaking thing we see at our law firm is when good, honest people come to us who have needlessly spent their life savings. This all could have been avoided if they knew that bankruptcy laws allow you to keep your entire IRA, 401K, and retirement pension or savings.
Filing for bankruptcy is an intimidating process, and it’s important that you understand the laws governing the process and how they can help you. We have years of experience in bankruptcy law and will make sure that your assets are protected.
Get In Touch With A Dependable New York Bankruptcy Lawyer Today
If you are searching for dependable “bankruptcy lawyers near me” who can help you understand how filing for bankruptcy might work for your unique situation, contact us today! The Law Firm of Joseph Lassen is more than willing to facilitate and help you decide whether bankruptcy may be the best course of action for you.
Contact us for a free initial consultation so your financial options can be discussed without any obligation on your part.