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 Myths About Bankruptcy

 OUR NORTH CAROLINA BANKRUPTCY LAWYER REVEALS THE TRUTH ABOUT COMMON BANKRUPTCY MYTHS

Each year many North Carolinians continue to fall deeper into debt.  Many of these individuals and families qualify for bankruptcy but many do not file because they have common misconceptions about bankruptcy, mostly due to the blemish it has carried for many years. Attorney Ken King and the staff at King Law Firm understand this and strive to help you understand the truth about bankruptcy, and how it can help relieve debt and allow you to rebuild your life. 

ANSWERS TO QUESTIONS THAT BRING PEACE OF MIND 

Anyone facing the decision of filing bankruptcy should seek out as much information as possible and consider all options in order to make a well-informed decision that better suits their situations.  Ken King can guide you through the process of filing for bankruptcy and answer any questions you may have.  

Here are a few myths about bankruptcy

MYTH #1: If You File For Bankruptcy You Will Never Be Given Credit Again.

False. Bankruptcy can stay on your credit report for up 10 years from the date of your filing, as soon as your bankruptcy is closed you can start rebuilding your credit. Purchasing a home or automobile or even getting approved for credit cards is possible.  With proper counseling and planning, you can get new credit much sooner than you would think.

MYTH 2: If You Are Married, You Cannot File For Bankruptcy By Yourself.

False. Today’s bankruptcy laws permit any individual to file for bankruptcy.  You and your spouse can choose to file jointly, or only one spouse may file. 

MYTH 3: You Can Only File for Bankruptcy One Time.

False. Although bankruptcy laws were revised in 2005, it is entirely possible to file for bankruptcy more than one time. This also depends on the type of bankruptcy you’re filing and the amount of time that has passed after your prior bankruptcy discharge.  

For Chapter 7, you can receive a discharge once every 8 years, and in Chapter 13, you can receive a discharge every 2 years.

If you get discharged through Chapter 7, you have to wait 6 years before obtaining a discharge through Chapter 13.

If you obtain a Chapter 13 discharge, you must wait 4 years before getting a discharge through Chapter 7.

Myth 4: I Will Lose Everything I Have.

A large majority of Chapter 7 cases are, no-asset cases. Meaning you, the debtor, gives up no possessions. 1: You are allowed to carve out some basic exemptions that are necessary for day to day life.  Exemptions vary state to state. Your team at King Law Firm can go into greater depth of this topic when you meet. 

Myth 5: Paying Off Your Debt Is A Better Idea.

Filing for Bankruptcy is serious financial decision. But that doesn’t make it a bad idea. In most cases filing for bankruptcy is the best option.  Filing a Bankruptcy will lower your credit score but that is often outweighed  by the relief of stress and being able to move forward with your life. 

Call Our North Carolina Bankruptcy Lawyers For A Free Case Evaluation And Find Out if You Qualify Within A Minutes

(910) 455-4065

Call Our North Carolina Bankruptcy Lawyers For A Free Case Evaluation And Find Out if You Qualify Within A Minutes

(910) 455-4065

We Represent Bankruptcy Clients Throughout Eastern North Carolina

Fayetteville

King Law Firm

4200 Morganton Rd Ste 200-6, Fayetteville, NC 28314

King Law Firm
4200 Morganton Rd Ste 200-6, Fayetteville, NC 28314, USA

4200 Morganton Rd Ste 200-6, Fayetteville, NC 28314

Direction

Greenville

King Law firm

1035 Director Ct Ste A, Greenville, NC 27858

King Law firm
1035 Director Ct Ste A, Greenville, NC 27858, USA

1035 Director Ct Ste A, Greenville, NC 27858

Direction

Elizabeth City

King Law Firm

1800 West City Drive; Ste A. Elizabeth City, NC 27909

King Law Firm
1800 W City Dr Ste A, Elizabeth City, NC 27909, USA

1800 West City Drive; Ste A. Elizabeth City, NC 27909

Direction

Raleigh

King Law Firm

4030 Wake Forest Rd #210, Raleigh, NC 27609

King Law Firm
4030 Wake Forest Rd #210, Raleigh, NC 27609, USA

4030 Wake Forest Rd #210, Raleigh, NC 27609

Direction

New Bern

King Law Firm

790 Cardinal Rd #6, New Bern, NC 28562

King Law Firm
790 Cardinal Rd #6, New Bern, NC 28562, USA

790 Cardinal Rd #6, New Bern, NC 28562

Direction

Rocky Mount

King Law Firm

3186 Zebulon Rd, Rocky Mount, NC 27804

King Law Firm
3186 Zebulon Rd, Rocky Mount, NC 27804, USA

3186 Zebulon Rd, Rocky Mount, NC 27804

Direction

Wilmington

King Law Firm

1135 Military Cutoff Rd #203, Wilmington, NC 28405

King Law Firm
1135 Military Cutoff Rd #203, Wilmington, NC 28405, USA

1135 Military Cutoff Rd #203, Wilmington, NC 28405

Direction

Pinehurst

King Law Firm

100 Magnolia Rd #2231, Pinehurst, NC 28374,

King Law Firm
100 Magnolia Rd #2231, Pinehurst, NC 28374, USA

100 Magnolia Rd #2231, Pinehurst, NC 28374,

Direction

Kinston

King Law Firm

414 N Queen St, Kinston, NC 28501

King Law Firm
414 N Queen St, Kinston, NC 28501, USA

414 N Queen St, Kinston, NC 28501

Direction

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We are a debt relief agency.  We help people file for bankruptcy relief under the Bankruptcy Code.