Busting Myths About Bankruptcy

Some people say bankruptcy is for cheaters and scammers looking for a quick fix out of a tough situation. This is simply not true. The bankruptcy process was designed to be a tool of assistance for those who find themselves over their head with financial hardship. Further, the majority of people who end up needing bankruptcy debt relief fell onto hard times through no fault of their own. Let’s bust a few of the common myths about bankruptcy that send false information about the process.

Myth: It is a moral failure.

Nope. Hard times happen to the best of us, and in today’s turbulent times more people than ever are finding debt relief through bankruptcy than ever before. Just because you experience hard times doesn’t make you a bad person or a cheater. The bankruptcy process was designed to help people get out of debt and back in financial control.

Myth: Bankruptcy is a “get out of jail free” card.

You wish. While bankruptcy is a solution for resolving debts and preventing asset loss; it is by no means a risk-free solution. Filing for bankruptcy can feel like an invasion of privacy when providing financial details. It also requires a lot of effort and attention to getting back on track. Further, there are active credit score efforts required following a debt discharge to begin the path back solid financial footing.

Myth: Your credit score will never recover.

False. The truth is most people find that they can improve their credit faster and easier following a bankruptcy. The reason is simple: past due debts are eliminated. Once you have a clean slate free of debt, you can begin rebuilding your credit profile the way you want it and in control.

Myth: You cannot file for bankruptcy without a lawyer.

It depends. While you are legally eligible to file for bankruptcy without a lawyer; it is not recommended. The reason is that a Hurst bankruptcy lawyer can review your financial details provide debt relief options, halt debt collections, protect your assets, and guide you through the process each step of the way.

Call our Hurst bankruptcy lawyer office today for a no-obligation consult with one of our compassionate lawyers.