Bankruptcy Myths Dispelled

Long Island Bankruptcy Attorney

There are a many myths surrounding bankruptcy and the terrible problems it could potentially create.  Most of the information you hear comes from well-meaning friends, family or other associates. These sources lack the critical information you need to make an informed decision.  It is always best to consult a Long Island bankruptcy attorney when seeking proper information.  Doing it that way you can find out for yourself the real situation and consequences when you file bankruptcy.

The Danger of Filing Bankruptcy On Your Own 

Many individuals have tried to file bankruptcy on their own. Bankruptcy is an extremely complex process and the court is not obligated to provide any information or assistance.  Extensive paperwork and filings are necessary, and as with any government agency, if you fail to fill it out correctly you could be denied the opportunity to file for bankruptcy.  It is strongly advised that you contact a Long Island Bankruptcy Attorney for appropriate and timely assistance, as well as, legal advice for your personal financial situation.

Myths about Bankruptcy

The first myth commonly heard is that your credit will be destroyed for many, many years.  It is true that a bankruptcy will show on your credit report for up to 10 years.  In many cases your credit improves as you are no longer in debt.  In fact, a home foreclosure is generally considered to be more damaging to your credit then a bankruptcy.  After foreclosure it can be very difficult to buy a house in the future if you have a foreclosure noted in your credit history.

There Is Life After Bankruptcy

A bankruptcy, however, is likely to allow you to qualify for a home in a relatively short period of time, particularly after you have managed your credit carefully after the filing.  Within a short period of time after filing for bankruptcy you will usually begin getting offers for credit or secured credit cards.  These offers usually come with a higher than average interest rate attached, however, it is one way that you can begin to rebuild your credit.

Bankruptcy Does Not Mean You Are a "Bad" Person

Another common myth about bankruptcy is that you will suffer some kind of social stigma and will be thought less of.  That you may be thought of as a "bad person" or that your situation will become widely known.  In the United States of America, in the past year, there were over 1.4 million filings for bankruptcy. It is likely that many of your friends, neighbors, relatives,  or associates have taken advantage of the opportunity provided by the federal bankruptcy laws to get a fresh start and a new financial future.

First Step to Rebuilding Your Future

If you are struggling to keep up with your creditors, are overwhelmed with credit card or other unsecured debt and don't see a way out, call or contact a Long Island Bankruptcy attorney today.  You'll get the facts and information that you need to make the right decision.  This is a free consultation and you are under no obligation.  Call our offices today at 631.564.2754 to schedule a meeting with a bankruptcy attorney.