Bankruptcy: What Are the Truths, What Are the Myths?

The subject of bankruptcy like many others, has its truths as well as its myths. In this article, we hope to clear these up for you as to what some of the most common ones are so you can have a better grasp of the overall subject.

According to United States bankruptcy statistics (compiled by Elizabeth Warren, a Harvard professor), 91% of those who file, did so for three main reasons:

1. They lost their job
2. They went through a divorce
3. They had a medical problem

The breakdown of those who file shows that 45% are couples, 30% are woman who are single and the remaining 25% are single men. Bankruptcy filings increase during economic downturns as people are looking for relief.

What Are Some Common Myths?

Myth Number One: Some have the idea that you will wind up with nothing after filing bankruptcy and this simply is not the case. Property exemptions are numerous in a bankruptcy and you are actually able to keep many assets, especially ones that are necessary for your functioning in life.

Myth Number Two: Your credit will be destroyed and it will be impossible to re-build, at least for ten years while it remains on your credit report. This is another misconception. A person can start rebuilding their credit even after a bankruptcy and should attempt to do so.

Myth Number Three:   You can only file bankruptcy once in your life. You will be able to file once again after you have waited the proper amount of time and depending upon whether you filed a  Chapter 7 or 13. A bankruptcy attorney can give you more specifics on this.

Get Competent Help for Relief

If you are facing serious financial problems in the Orlando area and are buried under a mountain of debt, you need to consult with a competent and experienced  Orlando bankruptcy lawyer who can better educate you on the process and give you guidance as to what would be the most effective way for you to gain relief. At Gregory and Clark, we have been helping people in the area solve financial problems with creative and insightful solutions for quiet sometime and can do the same for you. Feeling constantly stressed and anxious about your financial condition is not something you want in life and can lead to health problems and relationship failures. With our expertise, we can help you regain control.          

Contact an Orlando Bankruptcy Lawyer in our office to set up a free consultation today and let us help you start building a better future.