5 Misconceptions About Filing For Bankruptcy In Michigan
January 16, 2010 by Jeff Berman
Filed under Debt Consolidation
Bankruptcy is often misunderstood. There are many half-truths and misconceptions out there. I would like to address 5 of the most common myths floating around.
I’d like to address the top 5 most talked about myths when it comes to your bankruptcy filing.
1. If I file for bankruptcy, everyone is going to know about it. Most often the only people that will know about it are the ones you decide to tell and your creditors. Even though bankruptcy is a public proceeding, there are so many people and companies that file for bankruptcy, unless you are prominent, no one will run a press release about it.
2. Everything I own is going to be taken away. This isn’t the case. While the exemptions in each state vary, things such as your house, clothes, retirement savings, and car (up to a certain amount) are protected.
3. My credit will be destroyed forever and I’ll never get it back. Not so. You will be offered credit again, albeit at higher interest rates. Large purchases should be made prior to bankruptcy due to the higher interest rates. Getting loans for things like a car or house may prove more difficult. However, you will be able to get credit again.
4. Filing for bankruptcy is going to be a long and arduous journey. Not so. Bankruptcy lawyers in Michigan can help with your filing and make the process easier for you to go through.
5. I must be a deadbeat if I have to file for bankruptcy. The truth is that lots of people file for bankruptcy and most of the time it’s because of a big, life-changing event. Things like divorce, losing their job, getting sick are often to blame. Bills stack up and they get further and further behind.
If you are considering filing for bankruptcy, be sure to connect with bankruptcy lawyers in michigan to assist you with the process.
When you make the tough decision to file for bankruptcy the next step is to connect with bankruptcy lawyers in michigan. Ardelean & Dunne are experienced bankruptcy lawyers in michigan. They can help to resolve your bankruptcy issue and get you on the right track again.
