You may feel hopeless, embarrassed or frustrated when you cannot afford to pay your bills and creditors will not stop calling. If you don’t have a legal background, you may not know what options you have to free yourself from debt.
In the search for solutions, it can be easy to fall for a bankruptcy myth which can create more financial problems. You don’t have to face this matter alone. I am ready to help you confront this issue and restore your credit. I provide honest, skilled advice, using over 30 years of legal experience.
It’s important to be well-informed before you file Chapter 7 or Chapter 13 bankruptcy. Believing these myths can jeopardize your financial future.
Myth #1: It isn’t important which bankruptcy option you choose because Chapter 7 and Chapter 13 bankruptcy are basically the same.
Fact: There are different filing requirements for Chapter 7 and Chapter 13 bankruptcy in North Dakota and Minnesota. The procedures that you will need to follow for each option also differs. When you hire me, I will study your financial circumstances to determine the correct approach for your situation.
Myth #2: Bankruptcy allows you to disburse all your debts.
Fact: Parents who owe child support are still responsible for making payments on time. If you have student loans, filing Chapter 13 may allow you to pay only what you can afford but may not completely erase this debt.
Myth #3: Creditors can seize any asset, property or possession during bankruptcy proceedings.
Fact: Whether you file Chapter 7 or Chapter 13, there are certain assets that you can protect from creditors. When you meet with me, I will identify the drawbacks and benefits associated with your bankruptcy options so you can make informed choices.
Myth #4: After you file bankruptcy, you will never be able to apply for a mortgage or a credit card.
Fact: Declaring bankruptcy will affect your credit score for a few years, but you can take steps to rebuild your credit. After a certain time period, the record of your bankruptcy will be expunged from your credit report, giving you a fresh start.
