Myths about Bankruptcy

If you are thinking about filing for bankruptcy you need to hire a bankruptcy attorney in St. Petersburg FL area.

Bankruptcy might be your best option if you can no longer pay your bills. However, it is important for you to have the facts about bankruptcy and understand the difference between the myths and faces before filing.

Myth: You Will Never Get Credit Again After You File for Bankruptcy

Fact: Bankruptcy can stay on your record for up to 10 years after you file. However, you will be able to start building credit immediately after filing. In fact, many people are able to get a loan or credit card just a few months after they file for bankruptcy.

Myth: You Can Get Rid of all of Your Debts

Fact: You can get rid of most of your debts with bankruptcy. However, there are some debts that you will not be able to get rid of with bankruptcy. Most student loans and tax debts, alimony, and child support are all debts that are not discharged in bankruptcy.

Myth: You Can Go to Jail if You File for Bankruptcy

Fact: Over one million people file for bankruptcy each year. No one goes to jail for filing for bankruptcy. The average person who files for bankruptcy is a good person who is dealing with a bad financial situation.

Myth: It Is Always Better to Pay Off Your Debt

Fact: In an ideal world it is better to pay off your debts instead of filing for bankruptcy. However, if your debts take up more than 50 percent of your income you might not ever be able to get out from under your debt burden. That is why bankruptcy is often the best option.

Myth: You Cannot File for Bankruptcy If You are Married

Fact: Anyone can file for bankruptcy. It does not matter whether you are single or married. If you are married you will have to decide whether it is best to file jointly or separately.

If you need a bankruptcy attorney St. Petersburg FL, contact the Offices of Robert M. Geller.

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