Common Bankruptcy Misconceptions
Get the Truth About Bankruptcy
Many people believe myths about bankruptcy. If you're considering filing for bankruptcy, it is possible that you have misconceptions about it and what
life after bankruptcy is like. For example, many people think that they'll never be able to get credit again after filing for bankruptcy. This is not true. It is possible that you can rebuild your credit over time - lenders often will offer you credit since they realize that you don't have competing obligations and have started fresh. They may offer you a higher interest rate, but after a little while will lower your rates based on you taking responsibility for making your payments on time.
Another common myth is that you lose all of your property if you file for bankruptcy - this is also not true. When you file for discharge under Chapter 7 bankruptcy, typically the assets that are liquidated are ones like jewelry, art, and other high value assets. You may keep property exempt from execution in your state. Under
Chapter 13 bankruptcy, you keep all your assets and simply work out a payment plan over a number of years. Many clients at our firm discover that there are
benefits to bankruptcy, as well as other
alternatives to bankruptcy. It is best to seek the advice of a Charlotte bankruptcy lawyer to fully clear up any questions you may have and to see if it is the best option for your individual situation.
Looking for an experienced bankruptcy lawyer in Charlotte, NC?
When you come to Love & Dillenbeck, PLLC, our primary goal is to release people from debt through litigation. We don't just help you file for bankruptcy – we follow through and seek out ways to relieve you of as much debt as possible with whatever ways are available. Even when a bankruptcy petition is filed, there will be certain debts that will be presumed to survive the debtor's discharge unless a formal order from the bankruptcy court is entered relieving the debtor of that liability. How do you get such orders? You have to litigate those claims in court in conjunction with your case. Thus, not only do we file petitions on behalf of debtors, we also fight on their behalf before the court to help relieve them of debts that they would otherwise be presumed to follow after them post discharge.
Schedule a free initial consultation with one of the Charlotte bankruptcy lawyers at Love & Dillenbeck, PLLC to get the facts about bankruptcy.