Revealing the Truth About Bankruptcy
Unfortunately, there are a lot of myths and misconceptions about bankruptcy. The problem is, such misinformation can prevent people from seeking the debt relief and protections of Chapter 7 and Chapter 13 bankruptcy. At Danton & Smyk, we want our clients to be as informed as possible before making important financial decisions. Let us clear up these bankruptcy myths so that together, we can make the best choices for your future.
Do you have questions about bankruptcy law? Contact us today online or by phone at 1-888-858-7135 to discuss your debt relief concerns. We serve clients throughout the Detroit metropolitan area.
Myth #1: "The new bankruptcy laws make it impossible to qualify for Chapter 7"
The truth: The majority of people who qualified for Chapter 7 before the 2005 law changes still qualify today.
Myth #2: "I will ruin my credit if I file for bankruptcy"
The truth: If you need to file for bankruptcy, chances are, your credit is already bad. Bankruptcy helps stop the bleeding and allows people a chance to start rebuilding their credit.
Myth #3: "I will have to pay back all of my debts under Chapter 13"
The truth: Under Chapter 13, you may pay back as little as 0 percent of your unsecured debt — or as much as 100 percent, depending on your income, the size of your debt and other factors.
Myth #4: "I will lose all of my property under Chapter 7"
The truth: Most people who file for Chapter 7 bankruptcy don't have qualifying assets or property to lose. You will most likely keep every personal belonging you have after filing for Chapter 7.
Myth # 5: "I already went through bankruptcy. I can't do it again."
The truth: Chapter 7 bankruptcy may be filed eight years after a previous Chapter 7 filing, or depending on the circumstances, six years after a previous Chapter 13 filing. Chapter 13, on the other hand, may be filed four years after a previous Chapter 7 filing or two years after a previous Chapter 13 filing.
Contact a Southfield bankruptcy lawyer today.
Do you need help rebuilding your credit? Contact us today online or by phone at 1-888-858-7135 to set up your free initial consultation. We are adept at helping our clients restore their credit ratings. Payment plans are available.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.
