Should I File Bankruptcy?
We know this is a common question: “Should I file bankruptcy?” We know the idea of filing Chapter 7 or Chapter 13 bankruptcy can be daunting. The decision may bring up feelings of guilt or fear or even shame. Our very strong advice is to ignore those things and focus on you and your family. Bankruptcy is an extremely powerful form of relief that can dramatically change your life for the better.
Myths Surrounding Filing Bankruptcy
There are a few myths surrounding filing bankruptcy. It’s worth it to make sure you know the facts. Here are a few things that keep people from filing, when they deserve the relief of bankruptcy:
Nobody Else Files – This just isn’t true. In fact, statistics show us how many people have filed for bankruptcy between 2006 and 2017. All types of individuals file for bankruptcy, including lawyers, doctors, and politicians. Like you, they are often a victim of bad circumstances. Bankruptcy represents a solution.
Everyone Will Know I File – This is not true. While the filing is technically public knowledge, it is a federal filing. We get calls from lawyers every week asking us to use our login to access a bankruptcy filing. This should tell you that it’s not that easy to find a list of people who have filed for bankruptcy. Your neighbors won’t know.
My Employer Will Know – Generally, your employer is not made aware that you filed for bankruptcy. If you have a job that requires you to be bonded for handling large sums of money, we make sure to discuss that with you; otherwise, we have yet to have a client report back to us that they have had problems with their employer. If you are ever in a position to discuss your bankruptcy, your response is an easy one: I did the best thing for myself and my family, and things are much better now.
My Credit Will Be Ruined If I File Bankruptcy – Not true. For most individuals, your credit will drop about 75 points when you file. About a year after filing, your credit score will be back to what it was right before you filed. From there, it should only go up. We provide all of our clients with guidance regarding credit score repair as well.
I Won’t Be Able To Buy A Car – Not true. Within the first year after filing bankruptcy, you will receive offers for vehicle financing. Should I file bankruptcy if I could never buy a car again? Probably not. But you’ll find that’s just not true.
I’ll Never Have A Credit Card Again—Not true. You’ll receive plenty of credit card offers from the same banks whose debt went away in bankruptcy. Another reason why you shouldn’t lose sleep over banks not getting paid if you file bankruptcy.
Overcoming Feelings Of Guilt
We know guilt is a real feeling. If you listen to any motivational speakers, they would acknowledge guilt as an obstacle between you and your goal of financial freedom. Many motivational speakers tell you that in order to overcome an obstacle, you should focus on what happens if you DON’T take action. The fear of that will usually be enough of an incentive to help you overcome the obstacle. During conversations with our clients, we focus on the client, their family, and the future. If bankruptcy is going to provide the refresh necessary to kick start a great future, we encourage the clients to ignore the guilt.
Speak With A Bankruptcy Lawyer Today
If you’re considering filing bankruptcy, it helps to speak with someone. That’s why we’re here. Call us today at 704.749.7747 or click for a FREE CASE EVALUATION and we will reach out shortly. The future is bright—bankruptcy could be a crucial step to making it a reality.