The Truth About Bankruptcy
Though bankruptcy has helped millions of Americans get out from under the heavy burden of credit card debt, medical bills and other debts, there are still countless myths surrounding bankruptcy. At Bishop & Associates, L.L.C., we strive to debunk these myths and help our clients in Fort Collins and throughout Larimer County in Colorado find the debt relief solutions they need. To schedule a free consultation, call us at 970-672-1038 or contact us online.
Dispelling Bankruptcy Myths
If you are considering bankruptcy, you may be confused by the many myths that exist about this debt relief option. Here are the most common bankruptcy myths in Fort Collins:
Myth: I am irresponsible if I file for bankruptcy.
Clients come to our office feeling humiliated because they are facing bankruptcy. However, bankruptcy laws were put into place to allow you to get a fresh start, not to make you feel irresponsible. Millions of Americans just like you have used bankruptcy to get out of debt.
Myth: My income must be extremely low in order to qualify for Chapter 7 bankruptcy.
Though bankruptcy laws changed in 2005, it is not as difficult to qualify for Chapter 7 bankruptcy as creditors would have you believe. Most people who would qualify for a Chapter 7 bankruptcy under the old laws will still be eligible for Chapter 7 today.
Myth: I won't be able to keep my home, car or other personal belongings if I file for bankruptcy.
Colorado has very generous exemptions for bankruptcy, and most people keep most of their personal property. If any of your assets are worth more than the exemption amount and you want to keep them, you may be able to pay the trustee the overage.
Myth: I won't be able to get a bank loan or credit card for 10 years after bankruptcy.
Following bankruptcy, you may be considered a better credit risk than before because you have eliminated many of your debts. We will counsel you on ways you can rebuild your credit after bankruptcy.
Myth: I will go to jail if I don't pay my creditors.
Under the Federal Debt Collections Practices Act (FDCPA) guidelines, creditors are not allowed to threaten you or harass you for payment.
Contact Our Larimer County Chapter 13 Myths Attorney
To discuss your case with our lawyer and to learn the truth about bankruptcy in a free consultation, call 970-672-1038 or 866-599-1897 or contact us online.
