What Do You Know About Bankruptcy?
The Pope Firm Is Here To Bust Some Common Myths About Bankruptcy
Have you considered filing for bankruptcy?
Many people that have considered filing often seek the advice and counsel of family, friends, and the internet. You know what they say: you can’t trust everything you read on the internet. Today, there’s an abundance of misinformation in the world, and that misinformation can easily be passed down by family and friends that believe what they’re telling you to be true. The Pope Firm is here to help you discover the truth about bankruptcy, allowing you to make a concise and informed decision. Our Johnson City attorneys will walk you through the bankruptcy process so you can have all of your questions answered, ensuring you understand everything before you proceed.
There is a slew of myths surrounding bankruptcy. Let’s explore a few now:
- Among the most common bankruptcy myths is the idea that a person will have no credit after bankruptcy, and it will be impossible to get it again; this is totally untrue! After filing for bankruptcy, you will be able to improve your credit standing and score over time.
- Many people believe that you must have a certain amount of debt that you’re struggling to pay off in order to be permitted to file for bankruptcy; this is another widely believed myth! There is no standard minimum amount a person must be in debt in order to successfully file for bankruptcy.
- Another incredibly believed but wildly untrue myth about bankruptcy is that once you file for bankruptcy, you’ll have to give up all of your assets. In Chapter 7 bankruptcy, which is the most commonly filed type of bankruptcy, you’ll have to liquidate only non-exempt assets. Items that WILL NOT be liquidated include necessary items like clothing, furniture, and household goods. Certain motor vehicles and certain jewelry, will not be liquidated either. It’s safe to say that you’ll be able to hold onto your most important valuables if you file for Chapter 7 bankruptcy.
- There is a considerable amount of married couples that believe if one partner files for bankruptcy, then both spouses must file for bankruptcy. This is another widely believed piece of misinformation in regards to bankruptcy laws. When filing for bankruptcy, you have the option to file with your spouse or on your own as an individual.
Life happens. You deserve a fresh start. We can help.
Bankruptcy Can Grant You Financial Freedom Again
Those that file for bankruptcy can enjoy a sense of relief and an intense weight lifted off of their shoulders once their debts have been accounted for. Paired with this sense of relief is a remarkable sense of protection from debt collectors that will no longer be constantly calling to get money from you. The Pope Firm is glad to help you through the process, as well as the aftermath of your bankruptcy filing. It’s our goal to ensure you can experience the numerous benefits that can come with filing for bankruptcy. Get back your financial freedom with the help of The Pope Firm and bankruptcy laws today!
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Bankruptcy Frequently Asked Questions
Why should I file for bankruptcy?
Avoiding foreclosure and putting an end to that dreadful harassment from debt collectors are just two of the benefits of filing for bankruptcy. Filing for bankruptcy also provides solutions to issues concerning property repossession, past-due taxes, child support payments, and wage garnishments. Fight and potentially dismiss any lawsuits that may have arose due to your outstanding debt when you file for bankruptcy. We’re here to help you understand what filing for bankruptcy can do for you and your family.
Will I lose all of my property?
Most people are surprised to hear that individuals who file for bankruptcy usually lose little to none of their property. Every case of bankruptcy is unique and the amount that you might have to forfeit depends upon a number of complex factors. However, our firm is proud of our success in helping clients retain those precious assets that mean so much to them.
Can all debts be discharged?
Most cases of debt can be discharged through bankruptcy, although there are some exceptions. Some debts such as most taxes, child support, and alimony payments, and student loans are nondischargeable, which means they won’t be eliminated until entirely paid for. Fortunately, for these debts, it is possible to reschedule or re-organize your payments to be more manageable.
How does bankruptcy work?
There are a few different kinds of bankruptcy, known as chapters, and they each work in different ways. To begin, you’ll be filing for a form of bankruptcy referred to as Chapter 7, which can eliminate all dischargeable debt. Dischargeable debt includes things like credit cards, car loans, mortgages, and medical bills just to name a few examples. Furthermore, you may be eligible to file a form of bankruptcy known as Chapter 13, which works to reorganize your debts in an effort to give you a longer period of time to pay them off. Chapter 13 is preferable to individuals dealing with nondischargeable debts, that do not qualify for Chapter 7, or have high-value assets that they wish to protect.
Why do I need a lawyer?
Filing for bankruptcy on your own is totally possible, but never professionally recommended. We believe that our clients are anxious enough without the added complexities of navigating the meticulous legal process. Having a lawyer handle your case takes the responsibility off of your shoulders and ensures that every detail will be handled correctly and in a timely manner.
Not sure you can afford an attorney? The Pope Firm offers flexible payments plans to help with your bankruptcy case. Get in touch to learn more.
When will I see results?
The bankruptcy timeline can vary on a case-by-case basis. In general, bankruptcy cases are open and shut within three to six months, but this depends on a variety of factors. As your attorney, it is my job to make sure the process is completed efficiently and to fight for your rights every step of the way. We’re meticulous to make sure that all mistakes are countered and avoided before they occur.