In this blog, Broomfield bankruptcy lawyer will debunk the myths about filing bankruptcy. U.S. News and World Report talked about five myths of filing bankruptcy. Though written a few years ago, the myths of filing bankruptcy still hold true today.
While some people assume bankruptcy is for people who can’t resists using their credit cards, most people file bankruptcy for honest reasons. Here’s a look at some of the myths surrounding bankruptcy.
Myth 1: People filing bankruptcy are financially irresponsible.
“There’s always going to be some kind of abuse, but it’s far more likely that people run into very serious personal problems in one of three areas: losing their job, going through a divorce, or suffering a serious illness,” says Walter W. Miller Jr., who teaches bankruptcy law at Boston University School of Law. However, good people like you file bankruptcy due to unemployment, divorce, and medical problems.
Myth 2: Filing bankruptcy with a Broomfield bankruptcy lawyer discharges all past debts.
People file bankruptcy to get a fresh start, but bankruptcy does not discharge all debts. Student loans and recent tax debt are not discharged.
If you spend with abandon right before filing bankruptcy, you won’t have to pay that money back.
Using your credits cards within 90 days of filing bankruptcy is fraud; and as a result, not discharged. Worse yet, you could be criminally prosecuted and sent to prison
Filing bankruptcy Chapter 7 in Colorado permanently ruins your credit.
People filing bankruptcy are often surprised by how quickly they rebuild their credit. You can buy a car the day after you file. You’ll get credit card offers after your discharge. Most people rebuild their credit to a 700 score within one year of filing bankruptcy.
Filing bankruptcy is a cure-all.
Bankruptcy discharges most debts, but not all. For example, you’ll still have to pay student loans and taxes within the last three years. However, you’ll get rid of credit cards, collection accounts and other unsecured debts.
Find out the Truths with a Broomfield bankruptcy lawyer
Broomfield Bankruptcy Lawyer Rob Fuicelli will help you get out of debt.
Learn the truth about bankruptcy. Call Colorado Debt Help for a free consultation. Broomfield bankruptcy lawyer, Rob Fuicelli at Colorado Debt Help, will give you the facts. Colorado Debt Help offers a free consultation to review your individual circumstances. Broomfield bankruptcy lawyer Rob Fuicelli will help you get out of debt and find a “fresh start”.
Take advantage of a free consultation with a Broomfield bankruptcy lawyer. As a result, you’ll learn about your options for getting out of debt. Rob Fuicelli is a leading Broomfield bankruptcy attorney. Rob Fuicelli will discuss your unique debt situation and find the best solution for you. Colorado Debt Help looks at debt settlement, bankruptcy, debt management plans, and another debt relief options. Colorado Debt Help provides solutions and peace of mind!
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