Bankruptcy May Be a Better Option Than You Think
Every day, people throughout the United States benefit from filing for bankruptcy. However, many others never get the financial relief they need because they are scared by common bankruptcy myths.
At the Law Office of Benjamin J. Ginter, I have been involved in the New Jersey bankruptcy process for more than 10 years. I am committed to giving people the confidence they need to file for bankruptcy when it is in their best interests. These are some of the myths that often worry my clients.
Myth: Filing for bankruptcy makes me a bad person.
Fact: Filing for bankruptcy is your right. There is nothing immoral or bad about exercising this right. Bankruptcy can prevent financial mistakes from ruining your future.
Myth: My creditors can ruin my reputation and have me thrown in jail.
Fact: As a consumer, you are protected by the Fair Debt Collection Practices Act. Creditors and collections agencies often break the law. You should know that creditors cannot:
- Have you thrown in jail.
- Take your property without going through the proper legal process.
- Speak to your boss or other people about your debt.
- Continue hounding you for payment after you file for bankruptcy.
Myth: If I file for bankruptcy, I will lose my house and all of my property.
Fact: The federal and state bankruptcy exemptions allow you to keep a certain amount of equity in your home, car and other assets. In truth, bankruptcy often helps people who are facing foreclosure or repossession keep their homes and vehicles.
Myth: I will never be able to get credit again.
Fact: Bankruptcy does appear on your credit report. However, so do late and missed payments as well as lawsuits filed by creditors.
Bankruptcy can give you a chance to improve your debt to income ratio. You can start saving money and rebuild your credit score. Over time, you will be able to get a home or car loan again.
Myth: I do not need a lawyer to help with my bankruptcy.
Fact: It is true that you can legally file for bankruptcy on your own. However, it is important to remember that the bankruptcy process is complicated. Mistakes at any stage can cause your bankruptcy to be denied or even have more serious repercussions. If you are considering bankruptcy as an option, it is a good idea to consult an attorney.
I offer free initial consultations, so there is no risk in seeking the advice you need. Call 908-418-4084 or Contact my office online to schedule an appointment at my Cranford office. I will give you honest advice about whether or not filing for bankruptcy is in your best interests.