Financial hardship is not something anyone wants to experience. Nevertheless, filing for bankruptcy can help you regain control of your life if you are unable to get out of debt because of insufficient income or a large amount of debt.
Unfortunately, misconceptions prevent many people from declaring bankruptcy, even though doing so could be beneficial. Therefore, getting your facts straight is imperative when facing bankruptcy.
Below are some of the more common myths about bankruptcy.
The cause of bankruptcy is rarely poor life choices or bad financial decisions. Financial strains can affect even the most responsible people. People file for bankruptcy relief mainly because of circumstances beyond their control. Such events may include job loss, illness, or divorce.
Filing for bankruptcy is a safety valve that one can invoke to prevent individuals from debt burden they can't repay. Therefore, rather than feeling ashamed, take advantage of the opportunity to move forward.
You don't lose everything after filing for bankruptcy. You may retain your home, car, retirement plan, and most household goods. Speak to a lawyer regarding exempt assets in your state.
Alternatively, for properties that are not exempt, getting a Chapter 13 Bankruptcy and paying some creditors might allow you to keep your assets and wipe out your debt. Even so, filing bankruptcy does not erase liens. You must repay the loan to keep the property you pledged as collateral. In some cases, depending on your situation, you may need to reaffirm the debt.
Having filed for bankruptcy does not prevent you from owning property. You can own anything within your purchasing power. Moreover, by eliminating your debt, you may avoid having your property seized by your creditors in the future.
The fact is that bankruptcy records are public. Anyone can find you, but they would be going through a great deal for your information. Creditors, cosigners, and other institutions might need notice about your bankruptcy. But anyone else will only find out if you tell them.
Some smaller towns can publish bankruptcy notices online. Other jurisdictions might also publish filings in local newspapers. But, at the end of the day, it doesn't matter if someone does find out, as they cannot discriminate against you based on your bankruptcy status.
In no case will bankruptcy completely ruin your credit score. While you can expect limited credit access for seven to ten years after bankruptcy, the effects of bankruptcy are not permanent. Requalification for credit is possible after declaring bankruptcy.
You will initially have to rebuild your credit, and your interest rates will be higher. However, if you take care of your credit, you can rehabilitate your score to top-tier levels.
When you file for bankruptcy, the Bankruptcy Court orders all creditors to refrain from contacting you. The order, known as the automatic stay, is per section 362 of the 11th United States Code. The automatic stay puts the full force of the United States Court system at your disposal to protect you from your creditors. The court can charge a creditor with contempt if they violate the order.
Debt relief through bankruptcy is a highly critical decision. Therefore, you should always base your decision on facts. Each individual's situation will differ, but a bankruptcy attorney is helpful for everyone. An experienced attorney can ease the process for you and answer any questions.
Contact us today at Ozment Law for help with the bankruptcy process or to determine whether bankruptcy debt relief is right for you.
If you are experiencing financial hardship and need help in Palm Beach, Martin, or St. Lucie Counties, don't face it alone. Contact the Law Offices of Drake Ozment today to schedule a consultation. Let us be your advocate and help you navigate through this challenging time. Your home and financial well-being are our top priorities.
If you are experiencing financial hardship and need help in Palm Beach, Martin, or St. Lucie Counties, don't face it alone. Contact the Law Offices of Drake Ozment today to schedule a consultation. Let us be your advocate and help you navigate through this challenging time. Your home and financial well-being are our top priorities.
Due to client demand, I became a Mortgage Loan Originator. We are taking applications for new loans for purchasing, as well as applications for refinancing existing loans. Whether you are refinancing to get a lower rate or to cash out for home repairs, Drake Ozment will process your loans quickly and help you on your way to achieving your desired goals.
Click the link below to start your new loan process. Complete the short on line application and we will begin processing it right away. Most loans are approved within 30 days. Ozment Law can close on your new purchase or refinance almost immediately thereafter.
Contact our Office for Mortgage Information by using the form above or calling the office closest to you
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West Palm Beach Office
2001 Palm Beach Lakes Blvd.
Suite 500
West Palm Beach, FL 33409
Business Hours
Monday – Friday: 9:00am – 5:00pm
Saturday and Sunday: Closed
West Palm Beach Office
2001 Palm Beach Lakes Blvd.
Suite 500
West Palm Beach, FL 33409
Business Hours
Monday – Friday: 9:00am – 5:00pm
Saturday and Sunday: Closed