Bankruptcy Lawyer | 3 Bankruptcy Myths Busted

Bankruptcy Lawyer | 3 Bankruptcy Myths Busted

Bankruptcy Lawyer | If you find yourself in a financial crisis or in serious debt, filing for bankruptcy may seem like a last resort plan. Despite common belief, filing could be one of your better options. So, don’t believe the hype; here are three myths about bankruptcy that are actually far from the truth:

MYTH 1: REBUILDING A CREDIT SCORE AFTER FILING FOR BANKRUPTCY IS IMPOSSIBLE.

The Truth: According to U.S. News, re-establishing your credit is actually an easy task after filing for bankruptcy if you have the right strategy. After you file and once your finances have stabilized, sign up for a credit and begin making regular, on-time payments. As long as you avoid making late payments, your credit score should improve.

MYTH 2: FOR AT LEAST 10 YEARS, THERE WILL BE BANKRUPTCY INFORMATION ON YOUR CREDIT REPORT.

The Truth: When it comes to bankruptcy information, MSN reports that only Chapter 7 bankruptcy information remains on your public report for 10 years. Any other bankruptcy information, such as Chapter 13 bankruptcies, only show up on your public report for seven years.

MYTH 3: BANKRUPTCY CLEARS ALL PREVIOUS DEBTS.

The Truth: Filing bankruptcy does not guarantee a financial fresh start. Some types of debt, like child support or criminal restitution, cannot be voided by a bankruptcy, writes U.S. News. For this reason, it’s important to consult a professional lawyer and thoroughly consider your options before you decide to file. – Deluca & Associates

Specializing in bankruptcy and foreclosure law for over 20 years. Call attorney David Pinkston for a free consultation today: 904.306.5791. #FloridaBankruptcyAttorney #FloridaBankruptcy

If you are thinking about #bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! 904.306.5791