You are probably receiving a lot of unsolicited advice from your well-meaning family, friends and associates if you discussed with them that you are thinking about filing for bankruptcy. At the law office of Rothschild & Ausbrooks, PLLC, we know that it is stressful and even frightening when you have reached the point where a personal bankruptcy is a possibility. However, you and other Tennessee residents should understand that much of the advice you have been given is outdated or simply untrue.
For example, take the common myth that your financial future will be ruined for life if you go through a bankruptcy. As NerdWallet explains, a bankruptcy can negatively impact your credit for several years, but you can begin rebuilding your credit as soon as your discharge is complete. You may even qualify for loans and a new mortgage sooner than you think after your bankruptcy.
Other common myths you may have heard surrounding bankruptcy include the following:
- Only irresponsible people who are trying to get out of paying their debts file for bankruptcy.
- You should try to repay your debt at all costs, rather than file for a bankruptcy.
- You can lose everything you own if you go through a bankruptcy.
It can take a great load off your shoulders to learn that the above statements are untrue. However, as our page on bankruptcy myths explains, this topic is complex and requires experienced counsel to teach you the ins and outs of bankruptcy and help you decide which type of bankruptcy is right for you.