Myths About Bankruptcy
Worcester Bankruptcy Attorney
Bankruptcy has had a negative perception for many years in the United States.
This is due to the large number of myths about
the process that continue to be circulated throughout society. Examples of these myths include:
I will lose my house and vehicle if I file for
bankruptcy - Bankruptcy is not a punishment meant to strip you of your personal possessions.
Most assets are exempted from the
Chapter 7 bankruptcy process , meaning you keep all your property (including cars,
homes, cash and money in the bank), and
Chapter 13 bankruptcy does not involve the loss of any assets. It is very possible
that you will be able to keep your house and vehicle even though you have
filed for bankruptcy.
credit will be ruined after bankruptcy - Credit is ruined by one's inability
to pay debts, not by bankruptcy. Bankruptcy serves to give you a financial
clean start, which will likely improve your credit significantly in the
long run, provided you do not become overwhelmed by debt again.
- Most people are able to rebuild their credit in 2 - 3 years after filing
- Small loans such as credit cards or high interest car loans are likely
available within a few months if not a few days after filing
- Your name is not published in the newspaper - it is true that bankruptcy
is public record, however unless you are a famous athlete (like former
Celtics Captain Antoine Walker who recently filed bankruptcy) no one will
ever know you filed unless you tell them
- Bankruptcy indicates failure or defeat on my part - Bankruptcy has been
utilized by countless Americans, many of whom suffered financial strain
that they did not cause. The process is not an admission of defeat, it
is a solution that may help you permanently get out of debt.
- Bankruptcy is not the end but a new beginning
If you are shopping around researching bankruptcy lawyers in Worcester
MA, then contact our office today to receive a
free case evaluation. A
Worcester bankruptcy lawyer is available to fully answer your questions about the bankruptcy process,
as well as assist you in filing for the Chapter that suits your financial
Bankruptcy Help in Worcester
The Law Office of Robert W. Kovacs, JR. is committed to educating people
about the bankruptcy process and assisting them in completing their bankruptcy
proceedings. Our firm has seen firsthand how beneficial bankruptcy can
be, and how it can enable individuals to start over free from the burden
of significant debt. We are available to provide you with help in your
bankruptcy case that may substantially increase the likelihood of a successful filing.
Contact a Worcester bankruptcy lawyer for information and assistance relating to filing for bankruptcy.