Turn on your television and you will see endless commercials about debt relief, credit repair, and so on. All of these advertisements, and other misinformation, imply that filing personal bankruptcy is extremely bad and should only be used as a last resort. As such, many people are scared of bankruptcy. What they should really fear is the piling debt, risk of losing a home or other property, and other problems due to financial hardship. Personal bankruptcy and its laws were created to help people get through difficult times. These difficult times can happen to anyone.
When you file for personal bankruptcy, you will receive:
Peace from creditors – the automatic stay prohibits them from harassing you.
Control your finances.
Improvement to your credit scores.
A plan for the future.
Uncertainty will go away.
There are other myths associated with personal bankruptcy. One is that because bankruptcy is a public filing that everyone will know your business. This is true, bankruptcy is a public filing. And if somebody really wanted to find out about your bankruptcy, they could research it, spend some money and probably find some information. Short of that kind of effort, the only people who will know about your personal bankruptcy are those you tell. In other words, your bankruptcy will not show up on an internet search.
Also, you employer has no legal right to know about your bankruptcy. They may only know if there is a wage garnishment attached to it.
Finally, and I allude to it above, it is a complete myth that bankruptcy is for bad or irresponsible people. I have worked with many, many people on their financial problems. These are decent, hard working folks who have come upon hard times. More often than not, large debt happens from the loss of a job, medical issues, or some other extenuating circumstance. This stress leaves many scared and anxious – totally legitimate emotions. I get it and am here to listen, advise, and help you get on a better path.
Please call me to learn more about personal bankruptcy and how it may help you.