Bankruptcy Myths

Our bankruptcy attorneys will answer all of the questions you have regarding bankruptcy and debunk any myths you may have heard about the process.

MYTH # 1

This is not the case. Different states have exemptions to protect such things as your house, car, wages and other personal properties. However, people must understand that bankruptcy does not get rid of mortgages, or liens against your property. To keep the property serving as collateral for a loan, you will need to pay all your debt off.

MYTH #2

If you pay off your debt and begin to make money again, you will be able to possess the things you need or love. There are no laws prohibiting you from buying and owning property, cars, furniture, etc.

MYTH #3

People who get rid of their debt look more attractive to banks, credit card companies and other lenders, because you can handle more credit. Our clients are able to purchase property and other goods after filing for bankruptcy because they are careful to save money, pay their bills and do other things to put good marks on their credit reports. The firm’s bankruptcy lawyer who is representing you will guide you and put you in a position to be successful and get your life back on track.

If you are interested in learning more about bankruptcy, or are in need of legal assistance, please contact us today. Our team of bankruptcy attorneys has handled many bankruptcy cases for residents in Philadelphia, PA and Cherry Hill, NJ. Let us help you become another success story! If you are still unsure about hiring a bankruptcy lawyer, please feel free to contact us so you can speak with someone who understands the truths and myths of bankruptcy law.