Americans are facing a lot of hardship right now. The pandemic spurred a recession which may hamper the U.S. economy for years. If you’ve lost a job, seen a reduction in hours, accrued steep medical bills or suffered any other pandemic-related misfortune, you may be wondering if bankruptcy is something you can even consider, much less take advantage of.
Before you decide, though, why not discuss your case with an experienced bankruptcy attorney? You may be surprised by what you learn when you hear the facts and receive case-specific advice.
Are you making decisions based on facts of fiction?
Unless you’ve really done your research, chances are good that what you know about bankruptcy was probably pieced together by things you’ve heard or overheard throughout your lifetime. As such, the assumptions you make about bankruptcy may be partially or completely false. That’s not a very effective way to make such an important decision. Here are some of the myths about bankruptcy you may have heard or may assume are true:
- You will lose everything you own
- You will never be able to get credit again
- Most of your debts probably can’t be addressed in bankruptcy, so there is no point in filing
- Bankruptcy is a sign of failure and evidence that you are irresponsible
None of the statements above are true, and the last one is perhaps the most damaging. Contrary to what you may have heard, bankruptcy isn’t for people who have squandered their money or made bad choices. It is for anyone facing economic hardship that they cannot overcome on their own. That could include financial problems caused by a medical emergency, sudden job loss, economic recession (like the one we’re in right now), or any other negative event outside your control. Bankruptcy doesn’t help “bad” people. It helps good people facing bad situations.
Schedule a meeting – you’ve got nothing to lose
Bankruptcy isn’t right for everyone, and it may not even be right for you. But it is hard to make that decision until you have the facts in front of you. An experienced bankruptcy attorney will advise you of your options and won’t recommend bankruptcy unless it is truly your best option for debt relief. Even then, you won’t be pressured to file. Instead, you’ll feel confident about making an informed decision for yourself.