If you are thinking of hiring a bankruptcy attorney McKinney TX, you undoubtedly have a lot on your mind. For a lot of people, the idea of bankruptcy may seem like a scary undertaking, or even a shameful last ditch effort. However, you will soon find that bankruptcy and the process of working with a bankruptcy attorney is not as difficult or harrowing as you may have been led to believe. Here are four commonly believed myths about bankruptcy:
Bankruptcy Attorney McKinney TX–Myth #1: Once I’ve filed for bankruptcy, the whole world will know
False. Now, if you are a famous celebrity or the head of a major corporation, true, you may have a hard time flying under the radar. But if you are just a regular person, the only people who will know about your bankruptcy filing will be your creditors.
Bankruptcy Attorneys McKinney TX–Myth #2: I won’t have any more debt!
It is an incredibly popular misconception that once you complete your Chapter 7 bankruptcy you will be debt free with a clean slate. Once again, this is simply not true. Debts such as child support, student loans, and alimony cannot be discharged or erased.
Bankruptcy Lawyer McKinney TX–Myth #3: I’m going to lose everything!
You probably have nightmares of walking out of the courthouse wearing a barrel with suspenders, but don’t head to the hardware store just yet. This widespread misconception keeps a large number of people from filing bankruptcy every year. The fact of the matter is you won’t spend the rest of your days panhandling at Mockingbird and 75. Every state has exemptions for specific assets, like your house or your car, your retirement plan, as well as certain household goods and clothes. Most people who go through a bankruptcy keep everything they already have.
Bankruptcy Attorneys McKinney TX–Myth #4: No one will ever give me credit again
Nope! You will be surprised at how quickly those credit card offers start choking your mailbox again. However, you will notice that the caliber of the offers has changed a bit. Usually, only subprime lenders prefer to approach recent bankruptcy filers, and their offers often come with a hefty interest rate. It’s a good idea to be extra cautious when re-establishing your credit after bankruptcy.
If you are currently looking for a bankruptcy attorney McKinney TX, get the expert help of Collins & Arnove. Call us today at 972-516-4255. We can explain the process to you, as well as help you and your spouse or family understand what to reasonably expect of bankruptcy, both from a financial impact and benefits perspective.
Collins & Arnove | Bankruptcy Attorneys Plano TX | 972-516-4255