Myths About Bankruptcy

Bankruptcy Facts and Information

There are a large number of myths about bankruptcy, many of them serving to discourage people from taking advantage of the process' benefits. Some of the more common myths include:

• Congress has essentially eliminated bankruptcy for the individual - While it is true that recent bankruptcy reform laws have made it more difficult for some individuals to file for Chapter 7, consumers that are genuinely in financial trouble should not have much trouble qualifying for bankruptcy protection.
• Filing for bankruptcy will mean the loss of my house and vehicle - Bankruptcy is not a punishment in which a person is embarrassed by losing their important possessions. A certain number of assets are actually eligible for exemption from the Chapter 7 liquidation process, and Chapter 13 cases do not involve the selling of assets at all.
• My credit record will be ruined after bankruptcy - A person's credit record is ruined by their inability to pay their debts, not by bankruptcy. Following bankruptcy proceedings, most or all of your debts will be discharged. Any debts you incur after bankruptcy will likely improve your credit rating, provided you make all payments on time.
• Bankruptcy constitutes a personal failure - Bankruptcy is filed by countless Americans every day, in many cases because of financial circumstances that are out of their control. Bankruptcy is not a failure on your part, it is a valid method for resolving your overwhelming debt and starting over financially.

A Detroit bankruptcy attorney is available to provide you with accurate information about bankruptcy, and dispel any myths that may be discouraging you from filing.

Detroit Bankruptcy Attorney

The attorneys at The Cartwright Law Firm have spent over a decade providing successful assistance to individuals struggling with overwhelming debt. We are fully versed in all aspects of bankruptcy law, and this allows us to approach each client's case with tailor-made solutions for their financial problems. In contacting our firm for help in your bankruptcy case, you will receive help from an actual attorney, not a paralegal, and your chances of a successful filing will be improved considerably.

Considering bankruptcy? Contact a Detroit bankruptcy lawyer who can explain the truth about bankruptcy, and determine if it is the right course of action for your particular circumstances.