Every bankruptcy attorney Plano TX knows that many of us are just a paycheck away from financial hardship. They also know that there are variables that can be thrown into our budgeting mix- – like hospital bills or a lost job — that can turn financial hardship into financial catastrophe. If you’re one of those people who find themselves facing mounting bills that can’t be paid, you should know that seeking relief through personal bankruptcy is a very real option. This is true, despite the fact that there are a number of misconceptions associated with filing for bankruptcy.
Myth #1 about Bankruptcy Plano TX: People Who File For Bankruptcy Are Irresponsible With Money
It’s often thought that people who declare bankruptcy have wasted their money and spent it on extravagances they don’t need. The reality is that most of us just barely make enough money to cover our regular living expenses, so when a catastrophe strikes — a job loss, a divorce or a medical emergency — we have to go into debt just to make ends meet. In fact, these are the three most common reasons that people have for filing for bankruptcy. If you have to find a way to pay your bills, you might turn to credit cards or an escrow loan or some other high-interest way to pay them. Once you start accumulating this kind of debt, your payments don’t even cover the interest, and it just keeps increasing.
Bankruptcy Attorneys Plano TX: Myth #2–People Who File For Bankruptcy Don’t Want To Pay Their Debts
Because your bills keep increasing, it can seem like you’re continuing to spend money without trying to pay what you owe. The problem is that if you’ve incurred a large amount of debt, you’ve likely been making payments but haven’t gotten anywhere because of the high interest rates on most loans and credit cards. You may have tried strict budgeting or debt consolidation because, like most people who end up declaring bankruptcy, you truly want to meet your financial obligations but you just can’t. For you, bankruptcy is probably a last resort, as it should be.
Myth #3 about Bankruptcy Plano TX: People Who File For Bankruptcy Should Be Ashamed That They Need Help
People are often embarrassed to admit that they’ve let their financial situation get so out of control that they’re considering filing for bankruptcy. They feel shame and guilt — often thinking that everyone will know what they’ve done and that they’ll be judged harshly. In fact, filing for bankruptcy should make you feel a lot better than you do dodging debt collectors, being afraid to open your mail and wallowing deeper and deeper in debt. Unresolved debt problems can lead to divorce, depression and worse. Bankruptcy is designed to help; there should be no shame in using it.
Collins & Arnove Can Help
To find out more about how bankruptcy can help you get through your financial hard times, call the best bankruptcy attorney Plano TX at Collins & Arnove at (972) 516-4255. You can also visit us at www.northtexasbankruptcy.com to fill out an online contact form and to find out more about our practice.
Collins & Arnove | Bankruptcy Attorney Plano TX | 972-516-4255