Common Bankruptcy Myths Debunked
Counsel from an Oklahoma City Bankruptcy Lawyer
Many individuals hesitate to file for bankruptcy out of fears borne out of misinformation, especially when there is so much conflicting information to be found online. Well-meaning friends and family members can throw in their two cents, which can lead to more confusion and indecision. At Alexander Hilton & Associates, we wish to be a reliable source of information for all our clients. To better serve the needs of our clients, our Oklahoma bankruptcy lawyer has debunked some common bankruptcy myths below for your benefit.
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Myth 1: I will lose my home or car if I file for bankruptcy.
This is not always the case. Several items are exempt when filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Homes, vehicles, furniture, and wages are just some of the items that can be considered exempt.
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Myth 2: I can file for bankruptcy on my own, without a lawyer.
Filing for bankruptcy on your own is highly discouraged. Doing so increases the chances that your petition will be denied or delayed. Hiring legal representation can help you avoid making a misstep. Our Oklahoma City bankruptcy lawyer can explain the Do's & Don'ts of bankruptcy.
Myth 3: I will be stuck with bad credit for the rest of my life.
By the time most individuals reach the need to file for bankruptcy, their credit score is already bad. Filing for bankruptcy affords them the chance to start over so they can begin rebuilding their credit score and regaining their financial health.
Myth 4: I will lose my personal assets and retirement savings.
In certain instances, bankruptcy allows you to keep 100% of your qualified retirement savings, including a 401K. Cases vary, which is why it is best to seek the guidance of a skilled Oklahoma bankruptcy attorney.
Need more information about filing for bankruptcy? Take a look at our Frequently Asked Questions page.
Since 1990, our bankruptcy firm has guided hundreds of individuals towards the path of a debt-free life. We have the resources and legal insight to help you file for bankruptcy as quickly and effectively as possible. Alexander Hilton & Associates can get you through this financial challenge so you can move on to the next chapter of your life.
If you are considering bankruptcy, we encourage you to give our Oklahoma City bankruptcy firm a call at your earliest convenience.
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