Are you intending to declare bankruptcy? Are you still asking yourself whether declaring personal bankruptcy can address the majority of your troubles or aggravate your financial situation? You will know the answer if you review the misconceptions that are giving you unfavorable information concerning bankruptcy. Moreover when you understand what advantages you obtain from applying for bankruptcy, find the best bankruptcy lawyer as soon as you can.
In major or challenging circumstances like when you are dealing with monetary problems and also lender harassment, you might have no idea what worse things can happen because if the financial mess you are in. You may not be aware of what you should or should not do when you are bankrupt. Yes! Bankruptcy is real and it can cause so much stress. The minute you find yourself in such unfavorable situations, the best thing is to be protected by the law. Naturally, there are laws that can shield individuals from struggling with such unreasonable situations.
Planning to file for bankruptcy is not easy because it will be a challenge to get your head around the many laws governing bankruptcy. The good thing is that there are experienced personal bankruptcy lawyers in Arizona. One of the best Arizona bankruptcy attorneys can be found at Phoenix Fresh Start Bankruptcy Attorneys. They will make sure that you are well-informed about the pros and cons of bankruptcy and what type of bankruptcy is suitable for you. They may also prevent you from being a victim of common misconceptions or myths about bankruptcy.
What Exactly Are These Myths?
Myth No. 1: You are going to lose everything when you file for bankruptcy.
Individuals generally think that filing for bankruptcy indicates you are most likely to lose all valuable properties you own like your home, vehicle or any type of property that you have. Well, this is not true, filing for bankruptcy as well as obtaining the protection of the law does not make you a failure by making you lose all your valuable properties. This is not what the law does to you. As a matter of fact, you will get to be in a far better place than you were in the past. When you collaborate with one of the best bankruptcy attorneys in Arizona, you learn a great deal about what is ideal for you. You can take a couple of properties that you use on a daily basis, that possession that is extremely vital for you to make a living. In law, we call these exemptions. The remaining property may be sold off and the proceeds of which will be used to pay off your creditors. There are various types of bankruptcy and you can file the one that can protect your assets the most, depending on your circumstances. As such, you do not really lose everything but the shirt off your back. Consult with Arizona bankruptcy lawyer, Phoenix Fresh Start Bankruptcy Attorneys, to find out which type of bankruptcy suits you best.
Myth No. 2: Once You File for Bankruptcy, You Are No Longer Eligible To File for One Again.
The new bankruptcy law states that you are eligible to file for bankruptcy more than once. Some have even filed for bankruptcy for the second or third time depending on their financial situation. However, filing for bankruptcy is not something you do haphazardly. Certain situations like a divorce, being jobless, a medical condition that entailed unexpected expenses, even wrong financial decisions may all result to being in the red. Your bankruptcy attorney will advise you that you can file for bankruptcy whenever you feel that you need the court’s protection.
Myth No. 3: Your Filing For Bankruptcy WIll Be Public Knowledge
If you are a public personality like celebrities or anyone famous, your personal life, even your financial situation will be newsworthy. Otherwise, the only ones who will know about your financial situation are your creditors, friends or family members whom you have made aware of, and of course, your Arizona bankruptcy attorney, Phoenix Fresh Start Bankruptcy Attorneys. However, creditors may come knocking on your door or even call you incessantly. The good thing is, after you file for bankruptcy, you will be protected from any harassment from collectors. No one will unexpectedly pay you a visit at home or at work so there is no chance for any neighbor, co-worker, anybody for that matter to know of your dire financial situation. Seeking the advice of a bankruptcy lawyer will save you the trouble of being harassed by collectors. Do not delay in getting in touch with Phoenix Fresh Start Bankruptcy Attorneys to help you with your bankruptcy concerns.
Myth No. 4: Bankruptcy Is The Consequence For Irresponsible People
Not everyone who is facing a financial crisis is because of being irresponsible with money. Some just got the short end of the stick. Others have life events that are just beyond their control as mentioned earlier. A sudden illness may have brought huge medical bills, a legal case that one may not have prepared for may entail spending a lot of money for legal representation fees and charges. Being suddenly jobless because of a company decision can result to financial slump. Anybody can be caught in a situation where bankruptcy is the remaining option.
When considering filing for bankruptcy in Arizona, it helps to consult a seasoned bankruptcy attorney of Phoenix Fresh Start Bankruptcy Attorneys, and not just rely on or believe in myths and misconceptions. A good attorney will be able to answer your questions in the best way possible and to guide you on the next steps to a more secure financial future. Contact Phoenix Fresh Start Bankruptcy Attorneys now.