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Bankruptcy Myths

There are common myths associated with filing for bankruptcy that often deter people from proceeding forward. If you are considering filing for bankruptcy, but you have some concerns, it is best to speak with an experienced New York bankruptcy lawyer at Jacoby & Jacoby. A knowledgeable attorney at our firm can address your concerns, answer your questions, and discuss anything else that may be on your mind. You may find that what you thought was true about bankruptcy is actually a myth.

Some of the most common bankruptcy myths include:

Myth #1: My credit will be ruined forever.

Fact: Although many people believe their credit will suffer irreversible damage after filing for bankruptcy, this could not be further from the truth. Within a short period of time—less than a year in some cases—you can slowly start rebuilding your credit.

Myth #2: I will lose my house and car if I file for bankruptcy.

Fact: If you file for Chapter 7 bankruptcy, some of your assets will be liquidated to repay your creditors. However, this does not mean all of your assets will be liquidated. In the vast majority of cases, the debtor is able to retain his/her house and vehicles. If you file for Chapter 13 bankruptcy, you will not have to worry about losing your assets because they will not be liquidated.

Myth #3: My employer will be notified of my bankruptcy.

Fact: There is no law that states an employer must be notified if his or her employee has filed for bankruptcy. Unless you tell your employer that you have filed for bankruptcy, it is unlikely that he/she will ever find out. It should be mentioned that bankruptcy cases are made public record, but there is a very small chance your employer will happened to go through the public record to discover your bankruptcy.

Myth #4: People will judge me.

Fact: If people choose to judge you there is ultimately nothing you can do about it. What’s most important to remember is that you are filing for bankruptcy because it will help better your life. You need to do what is best for you and should never worry about what other people think.

Concerned about filing for bankruptcy?

At Jacoby & Jacoby, we understand the idea of filing for bankruptcy can seem daunting, overwhelming, and downright frightening. If you are interested in filing for bankruptcy, but are feeling hesitant about something, we urge you to contact a New York bankruptcy attorney at our firm. We would be more than happy to put your worries and concerns at ease.

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