Common Bankruptcy Myths

Bankruptcy is often misconstrued, evoking both negative connotations and general sentiment. The truth is that successfully filing for bankruptcy can help get your financial situation back in order and provide you with a clean slate. In order to shine a light on the facts pertaining to filing for bankruptcy, we are going to discuss some of the common bankruptcy myths which veer far off from the truth.

Myth: Bankruptcy Will Wreck My Credit Score Indefinitely

Fact: Bankruptcy Actually Enables You to Rebuild Your Credit

Let’s face the facts: if you find yourself burdened by significant debts and financial instability, your credit score has most likely already taken a hit. And although filing for bankruptcy may negatively affect your credit score in the short-term, bankruptcy gives you the tools necessary to climb out from under your debts and boost your credit score to a healthy level. After filing for bankruptcy, you will be able to obtain a secured credit card and begin to responsibly rebuild your credit. You can learn more about this in our previous article, Credit Repair – Is It Real?

Stack of credit cards

Myth: I Can Easily File for Bankruptcy Successfully Without a Lawyer

Fact: Representing Yourself in Bankruptcy Court Dramatically Decreases Your Chances of Success Compared to Those Represented by Licensed Bankruptcy Attorneys

When filing for bankruptcy, representing yourself in court significantly decreases the possibility of successfully having your debts discharged. Filing for bankruptcy is an intricate process which requires an in-depth knowledge of the legal procedures and correlating legal documents involved. Why put yourself at a high risk for being denied the financial freedom you need and deserve? During your free consultation, the licensed bankruptcy attorneys of Todd Cushner & Associates will carefully explain the legal process, providing you with peace of mind in the knowledge that your case will be handled professionally, maximizing the likelihood of a successful outcome.

Man in debt by his laptop

Myth: Only Disreputable People File for Bankruptcy

Fact: Many Individuals and Businesses Find Themselves in Debt Through No Fault of Their Own. You Cannot Control the Economy or Unexpected Events That Leave You Struggling Financially

Filing for bankruptcy is definitely not something you should be ashamed of. In fact, it is a fiscally responsible choice that will help enhance your quality of life monetarily, enabling you to regain firm financial footing. There is also a common misconception that everyone will know you filed for bankruptcy. Unless you happen to be famous or the CEO of a Fortune 500 company, the only people who will know you filed for bankruptcy are your lawyers and anyone you make the decision to tell. At Todd Cushner & Associates, we pride ourselves in providing complete client confidentiality, and our only goal is the successful outcome of your bankruptcy filing.

A Bright Financial Future

At Todd Cushner & Associates, P.C., our bankruptcy litigation experts will work with you to clear your debts, navigating you toward monetary stability. With over 18 years of experience, our bankruptcy attorneys have helped numerous individuals and families attain the positive results they deserved. Contact us today to schedule your free consultation.

 
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