Serving Hopkins County, Webster County and Surrounding Counties in Kentucky
Most people know very little about bankruptcy. As a bankruptcy attorney, I can ensure that you are fully informed about what type of bankruptcy filing is appropriate for your needs, whether it is a
Chapter 11 or some other type. Some of the common misconceptions about bankruptcy are listed below.
Everyone Will Know
One myth about bankruptcy is that everyone will know you filed, causing you public embarrassment. While it is true that a bankruptcy filing becomes a public record, it is highly unlikely that anyone is going to take the time and trouble to research your bankruptcy. In the first place, they would have to know your social security number to do so. Not all counties publish bankruptcy filing information in the newspaper; Hopkins and Webster Counties do not publish the information. Check with us for more information.
Bankruptcy is for Deadbeats and it Means You've Failed
This is simply not true. Most people who file for bankruptcy agonize over the decision to do so after months or years of being unable to make ends meet and pay their bills. Most people get into this kind of financial distress due to a job loss, illness, injury, divorce, or some other situation that could happen to anyone and does not reflect on their moral character.
I Will Lose Everything if I File bankruptcy
Many people think that by filing bankruptcy they will lose everything in the process. This is not the case. By filing a bankruptcy petition, you can halt the foreclosure on your home, repossession of your car, and wage garnishments. Also, there are exemptions in every state that protect certain assets, such as equity in your home, your car (up to a certain value), retirement plans, household goods, tools of the trade, appliances, furniture, and clothing. You can keep your mortgage or car as long as you keep making the payments on them.
I'll Never Get Credit Again if I File Bankruptcy
Again, this is untrue. With secured credit cards, you can begin rebuilding your credit immediately. There are financial institutions who offer these types of cards to people who have declared bankruptcy. Also, if you have kept your mortgage or car loan, timely payments will help to restore your credit. If you have a credit card with a zero balance at the time of your filing, you don't have to declare it as a debt and you may be able to keep it and use it to help enhance your credit. Many people who file for bankruptcy bounce back in a few years with a higher credit rating.
For further information and legal assistance with understanding and filing any type of bankruptcy, it is important to speak with me. My goal is to provide caring and thorough help and representation as your bankruptcy attorney. Contact me today to learn more about your options!