Confused about Bankruptcy? Hire a Bankruptcy Lawyer!

Nobody wants to file for bankruptcy; unfortunately, it’s more common than you want it to be. A round of scary procedures later, it might seem like your reputation has taken an even bigger hit than before. To add to that, there’s a host of misconceptions that can cause some very unnecessary hair-pulling. You could have a Bankruptcy Lawyer walk you through the entire process. Alternatively, you could go through these top 10 myths about bankruptcy and save yourself a few precious premature gray hairs. Your call!

1. It Will Permanently Affect Your Credit Limit

Bankruptcy stays on your credit report for around 7 to 10 years, but it doesn’t permanently terminate your credit score. You can start rebuilding your credit score once your bankruptcy is closed. As long as you don’t live like there’s no tomorrow and take heed of proper financial counseling, you can get yourself in order and resume building your credit score again.

2. You Won’t be Able to Get Money From Lenders

It seems instinctively appropriate—why should anyone agree to lend you money when you’re officially bankrupt? While borrowing money can cause a few problems during bankruptcy, it’s not impossible. Moneylenders often understand where you’re coming from and are willing to listen to an honest statement to lend you some much-needed cash. Your interest rates might turn a little steeper, but it can be done. They may need a little more convincing than usual to know that the way you intend to use the borrowed money will reap promising results. This means that it will eventually improve your financial situation and make the lending profitable for them.

3. If You’re Married, Both of You Will Have to File for Bankruptcy

Don’t riffle through your marriage vows because your partner is struggling; legally speaking, bankruptcy isn’t a burden both of you have to share. It is not unusual for one of the spouses to have a significant amount of debt, and thus, in this case, the bankruptcy will fall only on one partner. If both of you took a loan jointly, of course, it’s a different matter.

4. A Shortcut out of Debt?

Declaring yourself bankrupt to erase your debt is like using ice cubes to seal a leaking wall. Many file for bankruptcy, and thus, it doesn’t give a clean slate or fresh start. Bankruptcy can’t help you discharge every pending debt. Certain loans, including personal loans, utility bills, medical bills, and back rent can be removed only under exceptional circumstances.

5. People Who File for Bankruptcy are Irresponsible

On the flip side, don’t beat yourself up too hard or meekly accept insults thrown at you just because you filed bankruptcy; it’s not just about being irresponsible. The three major kinds of bankruptcy are filed due to divorce, severe illness, or unemployment. It’s as much a structural issue as it is a personal one- most of the time, you’re not the only one to blame.

6. You’ll Lose Everything If You Go Bankrupt

Will your house be usurped? Will uniformed police officers take away everything you’ve built over the years? Rest assured, if you file for bankruptcy, your property will be managed for you, and you’ll rarely lose anything at all. Assets like your house, your vehicles, and your clothes are all covered.
On the other hand, clients sometimes file bankruptcy, thinking a lawyer will shield all their assets. This is an equally dangerous belief; you could lose some things if you can’t get your finances back up in time.

7. Declaring Bankruptcy Is a Difficult Process

There are several rules in bankruptcy, and declaring it may come off as confusing and intimidating. However, a bankruptcy lawyer can help you with the complete flow of the process.

Hiring a bankruptcy lawyer can help you smooth the process out. Here’s how:

1. Hiring a Lawyer increases your chances of successfully eliminating your debt. Individuals representing themselves have a significantly lower bankruptcy success. However, an individual who hires a bankruptcy lawyer is ten times more likely to reach a successful outcome.
2. A lawyer can help you evaluate and understand all the other options you have when you’re in debt. You can decide if you want to file for bankruptcy and if it’s the right option for you.
3. You’ll get a real chance to eliminate all eligible debts. A lawyer can help you see which debt can be discharged and make the best of your bankruptcy.
4. A bankruptcy lawyer helps you save time in research and analysis. They do the legwork; you only need to make the necessary decisions.
5. A bankruptcy lawyer is already successful in the niche. He knows what federal code to refer to, what the local case laws are, and a million other intricacies that can escape your mind. They know your case, the courtroom procedure, and the time it will take to solve it.
6. When you hire an agency with a bankruptcy lawyer, you get protection against the possible harassment you might receive from your creditor and collection agencies.
7. The paperwork, phone calls, and any other legal activities you need to tend to will be handled by your lawyers. They’ll not only finish your tasks on time but also provide legal counsel on valuing assets, income, and expenses.
8. They’re experienced with courts, judges, and trustees. They have everything to make the process of communication more straightforward for you.
9. Apart from the process of filing bankruptcy, lawyers help you stay relatively at peace; you know you are in good hands, and you will be able to put your best foot forward for a court appearance.

It’s natural to feel guarded and want to take care of bankruptcy all on your own. We recommend not yielding to these feelings. To deal with your situation best and move on to a better life, try to find a good bankruptcy lawyer.

Want to know where to start and how to obtain a favorable outcome? Try http://35.91.120.10/mesa.

Arizona Bankruptcy and Debt Solutions
1013 S Stapley Dr
Mesa AZ 85204
6028882188