Bankruptcy – Top 5 Myths Debunked!

Bankruptcy

Despite having the benefit of getting rid of the creditors’ calls, harassment and fear of losing every asset, people still hesitate to file for bankruptcy. Some people do not know how to file bankruptcy in Oklahoma and upon getting queries on it we are here to give them proper guidance about each and everything of the bankruptcy filing. But there are several misconceptions behind the others’ hesitations and those play a crucial role in controlling their decisions.

Here we are to debunk the myths and misconception on bankruptcy so that people can have a clear idea and the unnecessary fear can be swiped away.

Bankrupt Destroys Your Credit

In fact, a bankruptcy filing can help you to mend and save your credit. When you are in debt and unable to make the payments, it is already going to create an impression on your credit score, but filing a bankruptcy you will get a chance to rebuild your credit score.

It Takes Away All You Have

If you think that you will literally become bankrupt by filing bankruptcy, you are completely wrong. Don’t think that right after filing bankruptcy, all your possessions will be taken and sold to repay your credits. You may have to sacrifice some of your assets and there are some exemptions to keep your properties intact. Contact our attorney about the details rather than assuming.

Bankruptcy

The New Law Made the Filing More Complicated

In the year 2005, the bankruptcy law was enacted and it helped in reducing the number of bad faith filings. It does not mean it has become complicated. Like always, now also, you will need a bankruptcy lawyer to file for bankruptcy.

It Is Linked to Your Spouse

You can choose to file for bankruptcy individually and that would not include your spouse. Filing for a joint bankruptcy is a better idea of course, but it is imposed by the law.

You Are Bad with Money

Not every person file for bankruptcy for poor financial management skill. There are tons of cases where there are medical bills, educational loans, loss of job and many other emergencies for which they have filed for bankruptcy.

If you were also carried away with the myths, you should contact the professional lawyer to get a better view of a bankruptcy filing. Chris Mudd and Associates is always ready to help you, come to us for a quick solution.