Jacksonville Bankruptcy Attorney Shatters Myths

Truth of Bankruptcy

There is much said about bankruptcy. Much of it is completely false. To get the truth about bankruptcy it is wise to meet with a Jacksonville bankruptcy lawyer at our firm who has dedicated nearly two decades practicing law and helping people get out from under crushing debt with real solutions.

Common Bankruptcy Myths

Filing bankruptcy will hurt my credit for ten years. Although bankruptcy can stay on your credit report for seven to ten years, assuming you begin rebuilding your credit immediately and keep your credit clean, it is possible to obtain a mortgage within eighteen to twenty-four months after discharge. Without a bankruptcy you will have a hard time rebuilding credit.

You can begin building your credit after bankruptcy by getting a secured credit card and using it, making sure to pay the balance off each month. Avoid secured cards that do not convert to an unsecured card after a period of on-time payments. You can also get an installment loan or personal loan and make your payments on time in an effort to rebuild your credit.

If you have a student loan, mortgage or car payment that was not paid in full during your bankruptcy, continue making your payments after your bankruptcy case is discharged. This is a great way to reestablish credit.

I am a bad person for filing bankruptcy. There is a stigma associated with filing bankruptcy. The truth is that bad things happen to good people. There's a reason that over one million people file bankruptcy each year, and it's not because they are bad people. On the contrary, they are good people looking for a solution to their financial problems. Bankruptcy provides hard-working people like you with the fresh start they deserve, but would otherwise be unable to obtain.

I will lose everything I own. Untrue. Bankruptcy makes it possible for you to keep the majority of your property, and it offers you protection from the collection efforts of your creditors, protections you simply don't have outside of bankruptcy. Bankruptcy doesn't wipe out secured loans such as a house or car. This means that you will have to continue to pay for certain property if you want to keep it.

Shatter the myths you have heard surrounding bankruptcy and contact a Jacksonville bankruptcy attorney today.