Common Misconceptions About Bankruptcy

misconception about bankruptcyAre you thinking about filing for bankruptcy? Whether you plan on filing Chapter 7 or Chapter 11, there are a few misconceptions you need to get rid of. You can hire an expert bankruptcy lawyer in Baldwin county to help you get past these to the truth.

Here are some of the most common fallacies that a bankruptcy law firm in Robertsdale AL can help you avoid:

Filing for Bankruptcy Means You Will Lose Your Home

There is actually very little likelihood of this being the case. In most cases, your home will be among the few assets you will be allowed to keep. This is provided that you continue to make your payments on time.

Bankruptcy Clears Out All of Your Debts

Declaring bankruptcy may eliminate the majority of the debts that you owe. But there are some debts that are exempt from a Chapter 7 or 11 bankruptcy. These include Federal and certain state taxes, student loans, and several others.

You Can Be Fired After You File for Bankruptcy

Your job is protected by Federal legislation. A potential employer can look into your financial record and discover your bankruptcy. They are not permitted to discriminate against you for this reason.

Filing for Bankruptcy Destroys Your Credit

Your score will definitely take a hit. You may find it difficult to secure credit. But, in time, your credit will eventually begin to recover.

Contact the Loris Law Firm for More Information

Our expert Robertsdale bankruptcy lawyer can quickly help you get through this process. Our goal will be to get you back on your feet as fast as possible. Get in touch with us today to learn more about what we can do on your behalf.