bankruptcy is a Scary WordB A N K R U P T C Y -- A scary word for most people, and made that way intentionally by your creditors, lenders, bankers, landlords, and corporate America in general. Their goal is to shame you into thinking that you are a failure or somehow dishonest because circumstances have made it impossible to pay your debts. They make you think that filing for bankruptcy protection will ruin your credit score and ruin your life. For 25 years, I have helped educate my clients on their RIGHTS under the law and helped them keep their assets, rebuild their credit, rebuild their financial independence, and live life debt-free. SO – Let’s debunk the 5 biggest bankruptcy myths! MYTH # 1: Bankruptcy will ruin my credit.FACT: This is one of the biggest myths told! The truth is that almost EVERY client sees an INCREASE in their FICO score after filing bankruptcy. Why? Because one of the biggest factors is your Debt-to-Income ratio, referred to in the credit industry as your DTI. With the debt gone, your DTI vastly improves and guess what that causes? Your FICO score to go UP! Filing bankruptcy brings you contractually current on your debts and your creditors can no longer report late or missed payments. Late payments and missed payments ding your credit score and make it drop every month that one is reported. Creditors can no longer do this while you are in bankruptcy, so guess what? You guessed it! Your credit score goes UP! Filing bankruptcy frees up money that was being used on other creditors to enable you to maintain full and timely payments to the creditors you want to pay, need to pay, and that are for things you want to keep, like your home and cars. Full and timely payments do what? Right again! Make your score go UP! I have had countless clients over the years purchase new vehicles and homes WHILE IN A BANKRUPTCY CASE!! SO, MYTH # 1 COMPLETELY DEBUNKED! To prove this fact, as part of my due diligence, I will pull your credit report from “the Big Three” Credit Reporting Agency (CRA’s) used by lenders: Experian, Equifax, and TransUnion. The debt that you are discharging and the debt(s) that you are keeping get factored into the equation and I can show you immediately upon filing how much your credit score will improve over the next 12 to 15 months! MYTH # 2: I WILL LOSE ALL MY ASSETS IF I FILE FOR BANKRUPTCY.FACT: S I M P L Y F A L S E. PERIOD! It’s called Bankruptcy PROTECTION for a reason. It PROTECTS your assets from your creditors and enables you to KEEP the assets you want and reorganize your debts in order to do so. I have filed thousands of cases to STOP foreclosures to allow clients to keep their homes. I have filed thousands of cases to STOP repossessions to allow clients to keep their cars, boats, motorcyles, tractors, lawnmowers, golf-carts, utility trailers, horse trailers, tanning beds….. you name it and I’ve saved it! I have filed thousands of cases to STOP evictions to enable clients to remain in their apartments. I have filed thousands of cases to STOP garnishments. I have filed thousands of cases to STOP lawsuits. I have filed thousands of cases to STOP IRS and State Tax levies. Bankruptcy is a federal law designed to provide YOU with RIGHTS to level the playing field with your creditors. And you have the RIGHT to KEEP your ASSETS! SO, MYTH # 2 COMPLETELY DEBUNKED! MYTH # 3: I will never be able to get a loan if I file for bankruptcy FACT: FALSE, of course. I have helped countless clients obtain financing for new cars and homes WHILE THEY WERE IN BANKRUPTCY! In addition, many of my clients have been approved for personal loans, furniture and appliance loans, remodeling or home improvement loans, etc. all while in Bankruptcy. The fact of the matter is that the actual affect of filing is short-term although it is reported by the CRA’s for seven to ten years, depending on the chapter that you file. SO, MYTH # 3 COMPLETELY DEBUNKED! MYTH # 4: There is a lot of paperwork and I will have to go to Court FACT: Pretty accurate. While you do NOT have to attend Court right now, there is a fair amount of paperwork to get started. Bankruptcy is a complex process and does involve a lot of paperwork and information so that I can get you the BEST results possible. But we make it easy. A quick consultation in office, by phone, or by video and we can get started. Mainly the Court requires recent paystubs and tax returns. Other than that, my team of qualified paralegals is able to get the rest of the information I need. Right now, you do NOT have to attend Court. As your attorney, I can handle all aspects of your case so that you do not have to take time off from work or otherwise be inconvenienced. And I offer a FREE option for you to securely login to your case so that you always know what’s going on. My office will also call, text, and email you regarding important updates and developments and I am always available for YOU to discuss your case in person. SO, MYTH # 4 IS PRETTY ACCURATE, BUT MY MAKES IT EASY! MYTH # 5: It is published in the paper, and everyone will knowFACT: UNTRUE.
Your creditors will be notified when you file. But your debt isn’t news to them. They already know that you owe them money. Notification is to make sure that they do not violate your RIGHTS under the Bankruptcy Law and continue with a lawsuit, garnishment, repossession, foreclosure, or collection activity and to STOP the harassing phone calls from collection agencies. BUT LET’S BE CRYSTAL CLEAR: YOUR BANKRUPTCY IS NOT PUBLISHED IN ANY NEWSPAPER OR ANYWHERE. This is one of the biggest scare tactics out there. People understandably don’t want their family, friends, and neighbors knowing their personal financial affairs and this fear keeps many people from seeking help. SO, MYTH # 5 IS JUST COMPLETELY UNTRUE! For more information on how bankruptcy can help your unique situation, contact Marshall Law: By Text: 205-258-2120 By Phone: 205-752-1202 By Email: [email protected]
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AuthorKill Bills Bankruptcy Attorney is committed to serving our community! Archives
February 2024
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