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{"id":3204,"date":"2022-11-10T16:53:36","date_gmt":"2022-11-10T16:53:36","guid":{"rendered":"https:\/\/mhlawoffices.com\/?p=3204"},"modified":"2022-11-10T17:04:03","modified_gmt":"2022-11-10T17:04:03","slug":"misinformation-about-bankruptcy","status":"publish","type":"post","link":"https:\/\/mhlawoffices.com\/misinformation-about-bankruptcy\/","title":{"rendered":"How Misinformation About Bankruptcy Keeps People From Getting Out of Debt"},"content":{"rendered":"Most people experience financial stress at some point in their lives. Whether it’s struggling to make ends meet or worrying about how to pay for a major purchase, money troubles can be a source of great anxiety. But for many people, debt is a constant source of stress. Carrying a high balance on credit cards, dealing with difficult creditors, or struggling to make loan payments can be overwhelming.<\/p>\n
Unfortunately, even the mention of bankruptcy can itself be a source of added anxiety. It’s not hard to imagine how people who find themselves with more debt than they can manage might feel like they don’t have any options. There is a stigma associated with bankruptcy that runs deep within the fabric of our society.<\/p>\n
For many people, bankruptcy is seen as a last resort, something to be avoided at all costs. It has come to be seen as something that is shameful. And while it’s true that bankruptcy can have serious financial and legal implications, it’s also important to remember that the bankruptcy laws were created for the purpose of helping people get out of debt.<\/p>\n
There is a lot of misinformation out there that stops people from using bankruptcy to get the fresh start they deserve. Too many people choose to remain under the heavy burden of debt because they’re afraid that bankruptcy will ruin their credit forever. They are afraid they will lose their home, cars, and retirement savings. They are afraid that friends and family, or even their employer will find out and think they are deadbeats. These are myths and they are not true.<\/p>\n
It is true that your credit score will take a hit after you file bankruptcy. But you would be surprised how quickly it will recover after your debt is discharged, and your debt to income ratio improves. When clients come to me to file bankruptcy their creditor score is typically already bad. The filing of the bankruptcy actually improves their credit score because the bankruptcy stops all of the negative reporting. In addition, there is no reason your friends and family have to find out about your bankruptcy. In most cases, bankruptcy will allow you to get rid of your debt without losing your home, cars, or retirement savings.<\/p>\n
Article 1, Section 8, Clause 4 of the United States Constitution grants the power to Congress to establish Bankruptcy Courts and enact uniform Bankruptcy laws. Our founding fathers realized that even good people who work hard and desire to pay their bills can sometimes find themselves in difficult financial situations through no fault of their own. Layoffs, medical bills, divorce, and other unexpected financial events can happen to anyone at any time.<\/p>\n