3 Common Bankruptcy Myths

If you are looking to get out of debt and on with your life, it is important that you have the correct information before making a decision. Unfortunately, there are a number of bankruptcy myths out there that lead people not to file for bankruptcy protection even when doing so is likely to be in their best interests. Alternatively, they may file with unreasonable expectations regarding what this can accomplish. As the consequences of financial distress are likely to be many and varied, it is important to ensure that you do not allow yourself to be misled if you are currently faced with overwhelming debt.

At the Bradford Law Offices, PLLC, we are committed to helping our clients to overcome their debts so they can move forward with their lives. For capable legal assistance, contact a Raleigh bankruptcy attorney at 919-758-8879 to schedule a consultation.

False Notions Regarding Bankruptcy

There is much misinformation circulating about bankruptcy and the sensitive nature of the subject makes it difficult for people to discern truth from fiction for fear of discussing their situation. However, as a compassionate and understanding legal team, we can help you to more adequately appreciate the true costs and benefits of a bankruptcy filing. The following are three commonly held but inaccurate notions pertaining to bankruptcy:

  • Bankruptcy will discharge child support or alimony payments – These payments are non-dischargeable by statute and therefore will still need to be paid despite a bankruptcy filing.
  • Filing for Chapter 7 bankruptcy will result in the loss of my home and possessions – Although Chapter 7 bankruptcy is commonly referred to as “liquidation bankruptcy” there are a number of exemptions that allow one to keep their property, including a home.
  • Bankruptcy is available at any time and one can file as often as necessary – There is no limit on the number of times you can file for bankruptcy, but there is a time limit you must wait between each filing.

Contact Us

If you are struggling to keep pace with your financial obligations, we can help you to determine what the possible benefits of filing for bankruptcy protection might be. Contact a Raleigh bankruptcy lawyer of the Bradford Law Offices, PLLC, by calling 919-758-8879 today.