Common Bankruptcy Myths Debunked by Bankruptcy Lawyers

Going through bankruptcy is devastating and frustrating. It is not an easy thing to handle alone. That is why having someone by your side who can guide, assist, and help you will be a great way to ease the heaviness and burden of this situation, even in the slightest. So if you’re going through this situation, seek help from your most trusted bankruptcy lawyer in Baltimore, MD.

Aside from helping you ease the burden of facing such a situation, bankruptcy lawyers know exactly the processes, the next steps, and how to defend you in court when things like this happen. Furthermore, they know the truth behind every myth and misconception about bankruptcy.

Myths and Misconceptions Debunked by Bankruptcy Lawyers

Here are some of the common myths and misconceptions about bankruptcy that have been debunked by professional bankruptcy lawyers:

1. Only Freeloaders File for Bankruptcy
   A lot of people think that only deadbeats file for bankruptcy. But the sad truth is, even hardworking people who get into debt because of personal reasons that are beyond their control have no choice but to file for bankruptcy. The reason? It is because of the brutality of the economy on people these days.
2. You’ll Lose Everything You Have
   This is the most common bankruptcy myth that most people know. But the truth behind this myth is that state and federal laws have protections in place that shield most of your property when you file for bankruptcy. These laws will help you get back on your feet again once everything is over and settled.
3. You Will Never be Able to Possess Anything Again
   Another one of the many common bankruptcy myths and misconceptions that most people believe is that when you file for bankruptcy, you will never be able to own anything again. This is not true because after your debts have been settled, you will still have the right to possess, buy, and own anything you want that you can afford.
4. You Will Lose Your Job Once You File for Bankruptcy
   You don’t have to worry about this, because this is entirely false. You can’t be fired or denied employment just because you have debts. This is because discrimination by either a private or a government employer because of your bankruptcy is prohibited by federal laws.
5. Your Credit Will be Destroyed by Bankruptcy
   This myth is yet again not true. Your credit score will indeed be affected once you file for bankruptcy, but this won’t be a reason for it to be destroyed or go back to 0. Instead, with good credit habits, your credit will get better. Filing for bankruptcy will be the best way to reset your financial habits and bring them up again.

Bottomline

Now that you know the myths and misconceptions about bankruptcy, maybe it’s time for you to stop hesitating to file for bankruptcy when you’re having financial problems that are already out of your control. Instead, do the right thing and contact Richard Hackerman to seek help and assistance. He is the most reliable bankruptcy lawyer in Baltimore, MD, who can help you with your bankruptcy case. Call us today at 410-243-8800 or 888-243-5500.