Bankruptcy can be a devastating choice that leaves an individual feeling helpless and like a failure. Many unknowns surround a bankruptcy proceeding that can cause a person to be apprehensive about moving forward and help with debt relief. Fortunately, a bankruptcy attorney in Rockville can debunk most of these fears and help a person get the financial freedom they need to live without the stress associated with debt. Here are just a few of the most common myths that surround the process of filing bankruptcy. Anyone who has a fear of these items should contact an attorney and learn more about the truths surrounding these common misnomers.
Foreclosure
The most common myth that most people believe is that bankruptcy will cause their home to be foreclosed on. While it is possible, an attorney will know what legal actions are available that can have debt forgiven without jeopardizing a family’s chances of staying in their home. Anyone who is drowning in debt can get relief without fear of losing their home.
Repossessions
Most individuals believe that bankruptcy will cause them to loose all of their vehicles. Those filling will have to continue to make any payments on a loan, but most courts allow an individual who is filing to keep one of their vehicles so they can still have access to transportation. Just because a person has to file for bankruptcy does not mean they will lose their car and their ability to keep their family mobile.
Future Ramifications
A bankruptcy attorney in Rockville can educate their clients on what the long-term effects of filing will be. Most people think they will lose the ability to own a home or car in the future, but this is not always accurate. A bankruptcy proceeding will remain on a credit report for a minimum of seven years, and may not have the severe ramifications that most people fear when they are considering the process of filing.
Don’t let debt be a source of stress any longer. Contact the Law Office of Laura Margulies and learn more about the services they provide.
