Don't Believe Everything You Hear About Bankruptcy
We have heard the myths for years: filing bankruptcy will mean you will never own a home or buy a new car again. It seems that everyone "knows someone who knows someone" who has been supposedly ruined by bankruptcy.
Some of what you may have heard is true: Filing for bankruptcy is a serious decision that will affect your credit rating. But before you fall for the myths, talk to an experience attorney at The Law Offices of Charles M. Sabo, P.C.
Contact our firm today. We will set you straight about these bankruptcy myths and more:
Myth 1 — You will lose your house and car: In most cases, you can file Chapter 7 or Chapter 13 bankruptcy and avoid foreclosure and repossession of your home and primary automobile. This process is called reaffirming your debt and you simply agree to meet your monthly payment obligations (which can sometimes be negotiated to lower payments). If your property is no longer worth as much as it was when you took out an additional second mortgage, we may be able to help you remove a second or third mortgage.
Myth 2 — Not everyone can file: Under the new bankruptcy laws of 2005, fewer people qualify for Chapter 7 bankruptcy. It will depend upon your debt-to-income ratio. In many cases, Chapter 13 bankruptcy will accomplish the same thing, by allowing you to eliminate much of your debt and make affordable monthly payments on the remaining debt for a set period. Should you find yourself in debt again in the future, the new laws allow an individual to file for bankruptcy every ten years.
Myth 3 — You will never overcome the stigma: Millions of hardworking, upstanding Americans have benefited from starting over. You will not be alone. In fact, given the current economic climate, you probably will not even be the only one in your office or on your street.
Learn the Differences Between Chapter 7 and Chapter 13 Bankruptcy
Discover the difference an experienced bankruptcy lawyer can make in your life. Contact our firm to discuss your current situation. You can call us at 480-820-5931 (Tempe) or 623-842-0180 (Glendale) or send us an e-mail. We offer a free consultation and treat our clients with respect and dignity. You will work directly with attorney Charles Sabo throughout your case. From our offices in Glendale and Tempe, Arizona, we serve residents throughout the Valley.
