Rick Hodge, Attorney at Law Press Common Bankruptcy Mistakes Made By Everyday People

Common Bankruptcy Mistakes Made By Everyday People

By Rick Hodge, Attorney at Law April 06, 2011

Under the US Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, consumers can become intimately knowledgeable with the conditions of bankruptcy.  The act is designed to provide understanding to debtors in such a financial pickle.

The combination of the act and your legal representation, on the other hand, is designed to help you understand and realize the common mistakes and myths of bankruptcy as they appear.

The first mistake that bankruptcy wrongly impresses upon debtors is that bankruptcy is the only solution to debt relief.  While it may be the ideal solution for some debtors, others may find different methods to be more effective and beneficial, such as short sales, loan modifications or a deed in lieu.

Another common bankruptcy misconception is that many people believe that a debt-free and financially stable lifestyle is unattainable once they make the decision to file for bankruptcy.  However, once again, this is untrue.  Thousands of individuals across the nation file for bankruptcy each year and reap the benefits it entails, including a debt free and financially stable future for those who can successfully restore and maintain their credit.

One of the most common bankruptcy mistakes made by everyday people is the notion that debtors think that bankruptcy is a scam or an illegal method to liquidate your debt.  The truth is, bankruptcy, when properly petitioned, is a completely lawful process that eliminates a large portion or all of your debt in a relatively timely manner.

Only with the assistance of a skilled Wichita bankruptcy attorney are you capable of successfully filing for bankruptcy and finding a debt free future, just like many of your friends, neighbors and coworkers have probably already done.

For more information on common bankruptcy misconceptions and to learn more about finding a means to debt relief, contact a Wichita bankruptcy lawyer at Rick Hodge, Attorney at Law today.

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