From the outsider’s perspective, bankruptcy can be a pretty scary process. However, once you start learning more about Texas bankruptcy, you’ll find that it’s a process full of misunderstandings. Bankruptcy might actually be one of the most therapeutic and beneficial things you ever do for yourself and your family. Allow us to dispel a few common bankruptcy myths for you…
4 Bankruptcy Myths
1. “I’ll lose everything I own.” No, you won’t. The Texas bankruptcy laws have many provisions to ensure that you and your family won’t be homeless or jobless after filing for bankruptcy. Food, clothing, vehicles (used for work), and many more things are still yours after you file for bankruptcy.
2. “My credit will be wrecked.” It’s true that your credit score is going to take a nosedive when you default on debt payments. However, that’s certainly not a permanent condition you’ll have to deal with for the rest of your life, and one that is greatly improved by filing for bankruptcy. There are some great resources here in Dallas to help you improve your credit score after filing for bankruptcy.
3. “I’ll never get a job.” You’ve probably already found some articles on your own that support this bankruptcy myth. Don’t worry. The job search may be a bit more challenging, but it’s totally doable. We recommend leveraging professional recommendations and being upfront in order to get the position you want.
4. “I’ll be humiliated before friends and family.” For many people, this bankruptcy myth is enough to prevent action. The truth is, bankruptcy shouldn’t be shameful. It’s a legal procedure that is designed to offer relief. Your friends and family should want you to be set free – not trapped under a debt that you would never be able to pay in your life.