Like many people interested in filing personal bankruptcy, you may want to know about Chapter 7 bankruptcy and Chapter 13 bankruptcy. While the internet is a wonderful resource, you need to talk to an experienced lawyer to file for bankruptcy in Toledo. In this post, we are debunking some of the common myths about filing for bankruptcy.
- Credit may never recover
This is probably the most common myth about personal bankruptcy. Yes, there is no denying that your credit may not be like before immediately after the bankruptcy process is done, but you can always take baby steps to rebuild your credit. For instance, you can apply for a retail credit card, which is much easy to get compared to some of the standard credit cards. If you make the payments on time, you will get a traditional credit card too.
- Getting a mortgage is impossible
Again, it is a common myth that you cannot get approved for a mortgage once you have filed for bankruptcy. While you will have to build your credit profile again to get a mortgage, you can still have that option. One of the key reasons why many people file Chapter 13 bankruptcy is to stop foreclosure.
- Student loans cannot be discharged
It is also a myth. Yes, there is no doubt that discharging student loans in bankruptcy may be harder, but you can get rid of that debt too. Just make sure that you talk to a reliable bankruptcy lawyer to know more about student loans and all other debts that can be discharged as you choose for Chapter 13 bankruptcy.
Finding an attorney
If you want to deal with bankruptcy in a planned manner, we strongly suggest that you hire a reliable attorney for the procedure. They will ensure that your paperwork is done and all financial aspects are considered so that your slate after the procedure is as clean as possible. A good bankruptcy lawyer is your biggest asset in ensuring that all the steps are followed as expected, and you get the right advice on all financial matters. Contrary to what many of us believe, bankruptcy is not the same as losing everything. You may actually have a better time rebuilding your credit, which can take a while but will allow you to reimagine your financial position.
Check online now to find more on the best-rated bankruptcy lawyers in Toledo.