byAlma Abell
The myths surrounding bankruptcy prevent a lot of people from getting the debt protection they need. For this reason, people struggle for years to pay bills they can’t afford. They take out personal loans to avoid losing their property and make other unnecessary financial decisions that could have been avoided if they would have talked to a bankruptcy attorney first.
The number one myth that keeps people in a bad financial position for far too many years is that someone filing bankruptcy in St. Louis County, MO will lose all their assets. The truth is, chapter 13 bankruptcy does not require people to give up any assets. In exchange, they have to pay a reasonable amount every month toward their debts. This type of bankruptcy is common for people who have a stable income and want to avoid losing their homes. People in this position can visit Jerryhofflaw.com to learn about the pros and cons of this type of bankruptcy and to decide whether it would be a good option for them.
Another myth about filing bankruptcy in St. Louis County, MO is that a person or couple who files will never be able to get credit again. In fact, people who file for Chapter 7 bankruptcy often start getting offers for credit as soon as their debts are discharged. Of course, this credit costs more. However, accepting one or two offers and paying the debt as agreed can help a person recover from their bankruptcy. Many lenders provide mortgage loans to people who have been out of bankruptcy for two or three years.
Although a person can file for bankruptcy protection without the assistance of an attorney, having someone to help choose the most appropriate chapter of bankruptcy to file and to review the paperwork to ensure everything is filled out completely could be invaluable. A mistake in the paperwork could cause the case to be dismissed and need to be filed again. During that period, a person’s debt situation could get worse, and they might need to hire a lawyer for help to make sure they got it right the second time.