Don’t believe these bankruptcy myths

Are you interested in filing for Chapter 7 bankruptcy in Long Island? When the time comes to make a final decision, you need to know what’s best for you and your finances.

With so many bankruptcy myths, many people often make a decision that is not based on fact. If this happens, it could put you in a bad position moving forward.

Here are several bankruptcy myths you should never believe:

— You will lose everything if you file for bankruptcy. It is true that you could lose some of your assets, but it’s not likely that you will lose everything.

— All of your debts are thrown out the window. This is not 100 percent true. You will be provided relief from most types of debt, but not all.

— It is better to pay off debt than to file for bankruptcy. There are times when this is true, but it’s not always the case.

— Filing for bankruptcy means that you failed as a person. Don’t let anybody tell you this. Just because you file for bankruptcy doesn’t mean you have failed. It simply means you made some poor decisions and/or ran into difficult life circumstances.

— Filing for bankruptcy means you can never obtain a loan in the future. You may have to wait a while, but it’s possible to buy a car or home after bankruptcy.

Are you finding it difficult to separate fact from myth? If so, you need to contact our law firm to discuss your situation. You can do so online or via phone. From there, we can answer your questions and put you on the right track.