Learn The Truth About Bankruptcy
At Hoard Law, P.C. in Charlotte, North Carolina, and Chicago, Illinois, we talk to people everyday who are overwhelmed by debt but are afraid to file for bankruptcy. Most have heard the same tired old myths the credit card companies want people to believe.
We would like to correct some of those myths. Of course, every case is different, so these answers should not be taken as legal advice. Please call our offices at 704-954-8655 or contact us by email to discuss your situation with one of our Chicago or Charlotte bankruptcy attorneys.
Myth 1: You will never get credit again
Truth: Most people start to build up their credit rating immediately following bankruptcy by taking simple steps, such as applying for a secured credit card and avoiding overdraft charges on their checking account. Within a year of making timely payments and living within their means, most people start getting credit again, but usually at a higher interest rate for several years.
Myth 2: You will lose your house and car
Truth: Bankruptcy allows most people to exempt house and car payments when they file. By “reaffirming” their intention to continue timely payments on your car and mortgage, many people are able to avoid repossession and foreclosure. Of course, keeping the house and car may not always be the best option to avoid falling back into debt. Everyone’s case is different.
Myth 3: You will lose your job
Truth: Millions of hard-working, honest people across America file for bankruptcy every year, including very successful corporate executives. Unless you tell your boss about filing, chances are your company will never know. And if your boss finds out, chances are there are others in your company who have also filed and did not get fired.
Myth 4: Bankruptcy is a form of theft
Truth: While Ecclesiastes 5:5 does say, “It is better that you should not vow than that you should vow and not pay.” The Bible also admonishes creditors, “At the end of every seven years you shall grant a remission of debts.” Bankruptcy is not theft if you have done all you can to repay what you have borrowed, but cannot repay the high interest rates, fees and penalties often added by credit card companies and banks.
Call Us To Learn More
Before you worry another day about your debts, let us explain the bankruptcy process and why it is a better option than ignoring your creditors. Call to talk to a lawyer at Hoard Law, P.C., at 704-954-8094 or contact us by email.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.