Bankruptcy is a term which haunts people, and it is because there are various misconceptions associated with this term. However, the truth is different, and bankruptcy solves your problem. It provides relief from your financial stress, and therefore, you should not rely on any rumours about bankruptcy.
In this article, we will discuss what are common myths and misconceptions about bankruptcy and what are the facts about these myths. If you are stuck in any of the financial stress in Orlando, then you can consult any of the lawyers for Bankruptcy in Orlando for more details.
Myth 1: You will Lose everything
It is one of the most common myths around bankruptcy in the market. However, the truth is different because the state and federal laws are there to shield your property and other assets. You can start with a new banger, and there will always be a new and better financial status waiting for you. So, you should not worry that you will lose everything in this bankruptcy case.
Myth 2: Bankruptcy Will Destroy Your Credit
The bankruptcy will impact your credit score, but it will not make it to zero. However, the present financial condition will have much more effect on your credit score. Therefore, you should remember that bankruptcy will at least provide room to repay your debt and recover the credit score over some time.
Myth 3: Bankruptcy is Difficult
There is a huge myth among people that bankruptcy is difficult and seems to be a confusing process. But the fact is different is that it has a very simple process if you have experienced guidance. If you have a competent and experienced lawyer in your case, this process seems to be easy for you.
Myth 4: Everyone will Know About it
This is also one of the most common myths among people. It is because people consider that their bankruptcy will make it to the newspaper. It is not possible in all cases, and this information will be available only to your creditors, lawyers, cosigners and a few others who are involved in the case.
Myth 5: You are too young to file for bankruptcy
Another important myth that you should bust is that you are too young to file bankruptcy. If you wait for long, it will affect your credit score and also affect you negatively. Therefore, you should file for bankruptcy at the right time without waiting for long.