Common Misconceptions About Bankruptcy
Having handled bankruptcy for more than 30 years, I have come to understand how myths about bankruptcy often prevent people from obtaining the debt relief they need. I am lawyer Ben Sissman, and I want to eradicate the most common bankruptcy myths in Tennessee.
Myth No. 1: I Am Not Eligible For Bankruptcy
Years ago, the laws surrounding bankruptcy changed. Many people came to believe that these changes made bankruptcy more difficult to file. While it is true that stricter rules came into play, the reality is that the people who need bankruptcy can still file. If you are drowning in debt, you will likely be able to file Chapter 7 or Chapter 13 bankruptcy.
Myth No. 2: I Will Lose All My Property
When Chapter 7 is filed, some property may have to be liquidated and the money used to pay off creditors. This is unlikely in most cases, however, thanks to Tennessee exemptions. With an experienced attorney on your side, you will likely be able to keep your property and lose only your debt.
Myth No. 3: I Will Not Be Able To Get Credit Ever Again
Perhaps the biggest bankruptcy myth is that bankruptcy will ruin your credit forever. This is simply not true. First, your credit score is probably already damaged. Second, filing bankruptcy and eliminating debt is actually the first step on the road to credit repair. In fact, most people are surprised by just how fast they can get credit again after filing.
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The law office of Ben Sissman is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.