Bankruptcy Myths In Georgia
Over the years, there has been a large amount of misinformation about bankruptcy that people have grown to believe is true. At the law firm of Claeys, McElroy-Magruder & Kitchens, we provide comprehensive consumer bankruptcy services to clients throughout the Augusta, Dublin and Statesboro areas. Our attorneys have compiled a list of the most common myths that keep people from exploring the benefits that bankruptcy can provide.
The following are among the more common bankruptcy myths in Georgia:
Myth: If you file for bankruptcy, you can never get credit again.
- The Truth: For many people, conditional credit offers begin arriving in the mail in as little as six months. Once you have established enough of a payment history, you will become eligible for regular credit and, eventually, traditional lending such as home and auto loans.
Myth: You will lose everything you own if you file for bankruptcy.
- The Truth: In many cases, the opposite is true. While the trustee does have the right to sell non-exempt property in a Chapter 7 bankruptcy to raise money for creditors, he or she usually decides that the amounts owed on secured assets are more than their value.
Myth: After the 2005 laws went into effect, hardly anyone qualifies for bankruptcy.
- The Truth: In fact, everyone who qualified prior to the change in the law still qualifies today. For some people, there may simply be a few extra steps involved in the process.
Myth: If you need to file for bankruptcy, you must be some kind of deadbeat.
- The Truth: Absolutely not. Nobody wants to face financial hardship, and nobody wants to file for bankruptcy. Job loss, medical bills, divorce and many other causes have driven even the most financially secure individuals into severe financial difficulty. Oftentimes, filing bankruptcy is the financially responsible thing to do.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.