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Common Bankruptcy Myths

Bankruptcy is widely misunderstood by many people, and a number of unfortunate myths have developed about the effect that pursuing bankruptcy protection can have on the lives of those who choose this course of action. The following is a brief attempt to correct some of the most widespread of these myths.

Myth #1: Bankruptcy is rare

Every year, the number of bankruptcy filings in the United States is close to or exceeds one million, demonstrating that bankruptcy is not a rare or uncommon occurrence.

Myth #2: You will lose all your property if you file for bankruptcy

In some cases, certain types of property may be subject to liquidation under Chapter 7 bankruptcy. However, people who file for Chapter 7 bankruptcy can typically utilize exemptions that allow them to keep important assets and property. Furthermore, Chapter 13 bankruptcy does not require any liquidation of assets at all.

Myth #3: Bankruptcy permanently destroys your credit

Filing for bankruptcy can negatively impact your credit score. However, most people who file for bankruptcy already have poor credit scores, and bankruptcy can actually help to prevent things, such as foreclosure and repossession, which can have an even greater negative impact on credit scores. Furthermore, bankruptcy can often be removed from your credit score after a period of time has passed.

These are just some of the myths about bankruptcy that can lead to misperceptions about the valuable role it can play in helping debtors to get out from under their debt.

Contact a Bankruptcy Attorney in Cincinnati

If you have serious debt issues, bankruptcy may be right for you. Ryan J. Ruehle Attorney at Law, LLC, has been helping people in Cincinnati resolve their financial difficulties through bankruptcy and other alternatives for years and may be able to help you. Call him today at (513) 621-0999 to learn more about whether bankruptcy may be the right choice for your situation.

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