You’re getting squeezed by your debtors. There’s not an hour that
goes by when you don’t receive
harassing phone calls from collections agencies. Every time you open your mailbox, you are met by a cascade of final demands
and urgent notice letters, all of which document exactly how much you
owe and to whom.
If this sounds familiar, we only have one question to ask you: What is
holding you back from filing for bankruptcy?
Common Reasons People Are Scared to File Bankruptcy
Below, we have listed many misconceptions about
Chapter 7 and
Chapter 13 bankruptcies:
Bankruptcy Will Hurt My Finances
Credit card bills,
medical debts, and other loan demands are more likely to hurt your finances as they
are designed to have you pay off as little as possible over a maximum
time period (that’s how creditors make their money!). That means without
bankruptcy, you will always be struggling with poor credit. With bankruptcy,
you can immediately eliminate the old debt and start fresh. So which seems
better: a lifelong struggle with bills, or just a couple of years rebuilding
a great credit score?
Bankruptcy will Ruin My Credit For a Decade
Not likely. While there’s no denying that getting a loan or credit
card after bankruptcy will be harder, think of it this way: what is the
likelihood of you getting a loan or credit card now? Besides, with regular
payments on your utilities, mortgage/rent, and other debts, your credit
rating will bounce back a lot faster. Some individuals even report getting
credit card offers and loan approvals within a couple of years after filing
for personal bankruptcy.
I’ll Lose My Home
In personal bankruptcies (like
Chapter 7 ) where your assets are sold to pay your debts, there is a possibility
that your home will be used. However, stronger federal exemptions have
made this less likely. Additionally, if you file for a
Chapter 13 bankruptcy, you won’t lose your home at all.
Now that we’ve addressed your misconceptions about bankruptcy, ask
yourself this: why haven’t you met with a bankruptcy attorney? Our
team of Dallas bankruptcy lawyers at Allmand Law Firm, PLLC can fight
for your rights and future.
Call us today!