Filing for bankruptcy protection is a complex process, one that should not be undertaken without legal advice. There are many myths that are available about bankruptcy and these myths can be very harmful. It is important that the true facts are known by Ohio consumers so that eligible individuals benefit from the bankruptcy process.
#1: All Your Debts Will Be Eliminated Through Bankruptcy
Bankruptcy does not eliminate every type of debt and some individuals may still owe certain debts after the bankruptcy case is discharged. This solution is not a fast fix and does not offer quick debt resolution. The bankruptcy law lists certain debts that can not be discharged with bankruptcy, and these include most unpaid taxes, child support, alimony, student loan debt, and certain other types. Medical debt that you owe and credit card debt will normally be eliminated through discharge. If the only debts owed are the types that can not be discharged under the bankruptcy law then filing for protection may be a waste of time and money. An experienced bankruptcy attorney can provide advice on which debts will be resolved through discharge.
#2: Filing For Bankruptcy Will Prevent Credit Approval In The Future
A common myth is that filing for bankruptcy means an individual will not be able to get credit in the future. This is completely false. In fact most people will start to receive special credit offers as soon as their bankruptcy has been discharged. Some lenders are specialists in post discharge lending but be aware that the interest rate for the credit will be higher because of the bankruptcy case. Make sure not to dig a hole again, and only apply for the best offers received. Use the credit wisely and within a couple of years with a good payment schedule the accounts will help gain credit approval with lower interest rates and a solid credit history.
#3: Everything I Own Will Be Sold Off
Many individuals believe that filing for bankruptcy means giving up all their assets and personal belongings but this is not the case. The bankruptcy attorney chosen will explain the exemptions allowed under the bankruptcy law. In many cases all of the property owned will be covered by the exemptions allowed. Exemptions may allow the individual to keep a home, a vehicle, tools, certain jewelry items, household belongings, and many other itemized items and areas.
The experienced bankruptcy attorneys at Richard West Law will provide a free debt consolidation consultation to help you find the right answer for your unique debt problems and circumstances. Visit https://www.debtfreeohio.com or call (513)771-8700 or (937)748-1749 to get the answers you want, and the financial relief you are looking for.