Misconceptions About Bankruptcy

Nobody plans on filing for bankruptcy; however, when someone is considering this filing, it is important to rely on a Rockville bankruptcy lawyer. Filing for bankruptcy protection is a major decision and there are a few common misconceptions people have bout this process. It is critical to dispel these rumors so that everyone enters into this process with an open mind. Now, let’s take a look at some of the common misconceptions people have about this process.

There Are No Other Alternatives

First, there is a common misconception that people who file for bankruptcy simply do not have any other options. This is not the case. The reality is that many people enlist the help of a bankruptcy lawyer to help them look at other alternatives. Sometimes, people work with a bankruptcy lawyer and realize that there is an option that works better for their individual situation. This is one of the biggest reasons why people seek the help of a legal professional.

People Will Lose Everything

There are many people who feel that filing for bankruptcy will wind up with them losing everything they own. This is not the case. The Constitution has been set up to protect people who file for bankruptcy. Filing for bankruptcy is more about getting a fresh start. When someone files for bankruptcy protection, the collection letters stop and the process unfolds. In many cases, people can keep their house and car.

All of Their Debts will Disappears

There is another common misconception that those who file for bankruptcy will have all of their debts evaporate. This is not always the case. It is true that many of their debts will be discharged; however, not all debts are dischargeable. This is where it is critical to work with a legal professional who will make sure that nobody ends up paying more than they must at the end of this process.

Rely on the Experience of a Trained Legal Professional

The decision to file for bankruptcy protection is a major one and everyone has to make sure they have a guide who can walk them through this process. Those who have to file for bankruptcy are often under a lot of stress. The good news is that nobody has to go through this process alone. There are always trained legal professionals who are willing to lend a helping hand. Count on an experienced bankruptcy lawyer for guidance.