TOP BANKRUPTCY MISCONCEPTIONS

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TOP BANKRUPTCY MISCONCEPTIONS
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• Its safe to say that no one wants to file for
  bankruptcy. Deciding its something you must do
  is incredibly painful, humbling and embarrassing.
  Often the hardest part is committing to retaining
  a bankruptcy attorney and the recovery or
  financial healing process.
• From what I have seen, the most common causes of
  financial hardship is the loss of a job, divorce,
  death of a spouse or being sued. Rarely has
  someone retained me and filed because of medical
  bills. Doctors almost never sue you to collect,
  credit cards companies sue often.

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• Once a debtor realizes and decides they must file
  bankruptcy, they consult with Mr. Turner.
  Afterward, they express relief and are confident
  the decision is the right one. They understand
  bankruptcy is not the end, but rather the
  beginning. The beginning of financial recovery,
  reduced stress a fresh financial start for the
  debtor and their family, a much needed and well
  deserved second chance.
• The financial and emotional healing has begun,
  the embarrassment dissipates, and they realize
  the misconceptions and stereotypes perpetuated by
  the media and the credit card companies is
  foolish. Bankruptcy is not a necessary evil but
  a God-send to those drowning in debt.

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• Once the debtor understands that often they have
  paid the credit card companies more money than
  they have ever borrowed, the decision is a
  no-brainer. Keep in mind that Bankruptcy is a
  right The United States Government has given to
  you. Take full advantage of any rights the
  government provides its citizens. Do not let
  people who do not have to live with the
  consequences of their decisions and opinions
  persuade you to pay for the debt you cannot
  afford or use debt settlement companies that
  rarely work. You have earned the right to a fresh
  start.
• Below are some common questions Clients ask me
  when considering filing for bankruptcy protection

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1. Will I ever get credit again after I file for
bankruptcy?

• Of course, you will. The lenders want you back in
  debt. They know you cant receive another
  discharge in bankruptcy for several years. You
  will receive offers of credit cards often before
  youre out of bankruptcy. I receive letters often
  from car dealerships asking my clients to call
  them for a new car loan. Getting into debt is
  easy. Getting out is the hard part.

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• Should you apply for loans? Maybe. My suggestion
  is to be very careful. Maybe take out a secured
  loan at their bank. Use your money and not
  someone elses. Rebuild your credit wisely. If
  done right, you can have a good credit score
  within 24 months.

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2. Will bankruptcy affect my credit score?

• For some, not at all. Most debtors were already
  delinquent on their debt, facing foreclosure,
  garnishment, lawsuits, and repossession.
  Bankruptcy improves their financial position and
  their credit score. Typical your credit score is
  used to get credit. Creditor rather debt from the
  loan was the problem. Dont get caught up in your
  credit score. Focus on your liquidity. How much
  money do you have left over every month now that
  the debt is gone? Save that money and increase
  your net worth.

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3. Will I lose my car, house, retirement or other
assets as a result of filing for bankruptcy
protection?

• Most of the time NO. The Bankruptcy Code allows
  you certain exemptions which can get tricky and
  complicated. You need to consult with an
  experienced bankruptcy lawyer to determine how to
  proceed. Often debtors ask with me too late, they
  have sold assets or liquidated retirement
  accounts needlessly. They wasted away what money
  they had left that I could have protected, and
  they could have kept.

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• Sometimes clients retain me but do not file
  bankruptcy for a year or so. Planning and timing
  can save your house, retirement and thousands and
  thousands of dollars. It could be the difference
  between filing a Chapter 7 and getting a
  discharge in 80 days while paying nothing and
  keeping all your assets versus being in Chapter
  13 for five years and spending thousands of
  dollars. Most bankruptcy attorneys will provide
  an initial consultation for free. Please take
  advantage of that and utilize their knowledge.

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4. Will my friends, family or employer find out
about my bankruptcy?

• Probably not, unless you owed them money.
  Although Bankruptcy filings are public record,
  they are difficult to locate. The average person
  will not be able to find your petition. Even if
  they do, so what.
• Bankruptcy means you have discharged your debt
  and are in a better financial position than you
  were.

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5. Can I file bankruptcy if I am employed,
unemployed or retired?

• Absolutely! Your employment status will not
  affect your ability to file for bankruptcy
  protection. Although, your income may change what
  Chapter you file, 7 or 13. You can ask for
  bankruptcy protection whether youre working or
  not.
• I hope you have found this helpful and if you
  need an experienced bankruptcy lawyer, I hope you
  consider retaining The Law Office of Tony Turner.