Bankruptcy can definitely be a sensitive subject. With the current world-economic situation, more and more people have begun to look at bankruptcy as an answer to their financial woes. There is, though, a cloud of myth that surrounds the subject that, oftentimes, forces individuals to wait too long before they consider it an option for them. If you are experiencing severe financial struggles that you seem to be stuck in, do not wait until the end before you consider the options that bankruptcy can provide you.
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Debunking Bankruptcy Myths
Myth 1: My financial credit will be completely ruined. This is not true at all. Simply refusing to pay bills and allowing creditors to take over the collections can become just as damaging. When you get to a point where this has been your plan of action, filing for bankruptcy could actually become a better option for your long-term financial credit. Filing for Chapter 13 allows you to sit down and rework your payment terms. It is meant to set you up for long-term success in allowing you to live up to your financial obligation. Paying back debts will always look better on your credit than not paying them at all.
Myth 2: I will lose all of my savings. Once again, not exactly true. If you have loads of cash stashed away in a bank account then expect it to be fair game; you should have been using it in the first place. But, if you have an ERISA-qualified retirement plan or deferred compensation plan, they are exempt from the process. The same goes for state-approved educational savings accounts for children and grandchildren. Not everything will be lost and not everything can even be considered in the process. Contact a bankruptcy lawyer to ask them specific questions if you are worried about your savings accounts.
Myth 3:Bankruptcy will stop foreclosure. This myth is a slippery slope and can go both ways. It can definitely delay the foreclosure process but depending on your specific case, it may not stop it. The best way to stop foreclosure is to prevent it from occurring in the first place. If you are at a point where foreclosure is knocking on your door, then Chapter 13 can be a great tool for you to use. Chapter 13 bankruptcy allows you to sit down with your lenders and work out terms that allow you to continue making payments. You can still do reverse foreclosure through bankruptcy, but the process becomes much more difficult.
If you have questions about bankruptcy myth it is always best to seek the assistance of a professional. Contact a bankruptcy attorney and let them answer your case specific questions.
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