Bankruptcy Myths

By |2017-09-23T21:45:04+00:00November 10th, 2015|Bankruptcy|

When it comes to bankruptcy, there are a lot of misconceptions. If you or someone you know is considering filing bankruptcy but you have concerns about doing so, learning about common myths may help you make a decision that will be beneficial in the long run. When looking for a bankruptcy attorney in Thousand Oaks, Brent George Law has your best interests in mind and will help answer any questions that you may have.

Your Credit Will Be Ruined for Years

This is a big myth, and the fact is that it is just not true. While it is true that bankruptcy will cause your credit score to decrease once you file, it doesn’t have to take long for it to improve. Many people, especially those who are financially responsible, can build their credit score to a good or great score in fewer than two years. The truth is that bankruptcy can actually help your credit score in the long run, because you don’t have bad debt weighing against you anymore.

Bankruptcy will also not prevent you from getting qualified for a car loan or even a mortgage. Although a bankruptcy can show up on your credit report for up to ten years, it isn’t as much of an issue once you start building your credit and can prove that you are responsible with your money.

It is All Your Fault

This myth is what stops many people from filing bankruptcy. While you probably made some mistakes along the way, bigger problems are often the issue. Whether it is divorce, medical bills, the loss of a job, or another unexpected expense, many of the causes are out of your control. Most people who file are good people who work hard and have the best intentions. At Brent George Law, the goal is to not only help you with the logistics of filing but also help you feel better about your choice and help guide you through the hardship.

You Have to Say Goodbye to all Your Assets

One myth is that when you file bankruptcy you have to give up your car, your house, and any other valuable possessions. The truth is that the majority of people do not lose any of their things. What you are allowed to keep will depend on a number of factors, so make sure to consult with an attorney about your specific situation. The law is designed to protect a certain amount of your things, so don’t let this myth prevent you from helping your financial situation.

Call Brent George Law today at 805-494-8400 for a Free Consultation.