April 2, 2020
Personal Injury Lawyer
Before you file bankruptcy, you may feel a lot of anxiety. You may catch yourself asking if this is the right decision for you. In some cases, the anxiety may come from misconceptions that you have about bankruptcy. Before you file, it’s time to dispel some of the common myths about bankruptcy. This may ease your mind when it comes to moving forward with your case and ridding yourself of debts.
- You Will Lose Your Property
Too many people avoid bankruptcy in fear that they will lose all of their property. What if you lose your home? When you file bankruptcy, there are exemptions. You will not lose your primary home or all of your belongings. You may have to sell luxury items to sell off your debts, such as luxury brand clothing. You are allowed to keep household goods, clothing, retirement savings and even one car.
- You Will Go to Court
Some people fear going to court. Court is stressful, but with bankruptcy cases, you most likely will not see a judge. When you file bankruptcy, you may have to go in front of a judge, but often the lawyer will file it for you. After that, you may never have to go to court. There will be a meeting of creditors. This is a quick meeting where creditors may argue or negotiate with you. Odds are, however, that the creditors will not show up.
- You Will Lose All Credit Opportunities
For a short time, your credit score will be low. It may be difficult for you to obtain credit cards with a fair interest rate. This does not mean that you can’t rebuild your credit. In fact, you may start seeing credit card offers in the mail within the first few weeks after you finish the bankruptcy. Now, this does not mean that you should apply for a credit card right away. However, when you are ready to rebuild your credit, you may want to think about a credit card. Just remember why you filed for bankruptcy to begin with.
Before you file bankruptcy, you may want to talk with a lawyer. While you can technically file bankruptcy on your own, you may not want to. A lawyer will have the professional experience to guide you through the process and to assist you throughout the case. To discuss your bankruptcy options, consult with a debt collection lawyer in Tampa, FL today!
Thanks to The Law Office of Michael A. Ziegler, P.L. for their insight into bankruptcy law and misconceptions.