Evaluating Bankruptcy Myths

Trust Our West Memphis Bankruptcy Attorneys

While America's economic temperature may be getting warmer, millions of individuals throughout the country are dealing with debt hardships of their own. Unfortunately, this problem of debt can be perpetuated by preconceived ideas about bankruptcy, most of which are far from the truth. At DeLoache Law Office, we want to set you straight. Our West Memphis bankruptcy lawyers have the resources to assess your finances and help you conquer debt once and for all.

Five Bankruptcy Myths to Set Aside for Good

We understand that filing for bankruptcy can be scary, and rightfully so. But the fear of the unknown holds many people back from pursuing an effective solution to their debt. Our firm believes that knowledge is power and the right knowledge is even more powerful.

Let us dispel the following myths for you:

1. Bankruptcy will damage my credit forever. In reality, repairing your credit after filing for bankruptcy can take as little as six months. Quickly making regular, on-time payments on a new credit card will get you back in positive territory in no time.
2. Bankruptcy means I lose my belongings. Although it depends on the chapter of bankruptcy you file for, the majority of people do get to keep their valuables-including their homes and cars. The best way to find out is by talking to your attorney.
3. Bankruptcy shows that I am irresponsible. You should never feel ashamed for filing for bankruptcy. Doing so is actually one of the most responsible things you can do when faced with unsurmountable debt.
4. Bankruptcy is complicated and time-consuming. Retaining an attorney quickly takes the mystery out of bankruptcy and often moves the process along very quickly.
5. Bankruptcy probably won't eliminate all my debt. You're right, bankruptcy doesn't take care of all debt. However, the majority of your debt will be erased by filing, giving you a fresh start for the future.

Now that you're equipped with a better understanding of what bankruptcy is, and what it's not, we are eager to create an effective strategy for your financial freedom.