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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.
We Represent Bankruptcy Clients Throughout Eastern North Carolina
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.