Atlanta Bankruptcy Myths Attorney

Educating Clients on the Realities of Bankruptcy

If you are thinking about filing bankruptcy, you may have been warned that your credit will be ruined or that you will lose all your property. At the law firm of George R. Belche, Attorney at Law, we want to dispel common myths about bankruptcy and instead arm you with the truth. We want you to have all the information you need to make wise decisions about how to improve your financial situation.

To schedule a free initial consultation with an experienced Atlanta bankruptcy attorney, call (770) 884-7031 or toll free (877) 648-9812. You can also contact our Lawrenceville law office online.

Some Common Bankruptcy Myths

Myth: You will lose everything if you file for bankruptcy.

Reality: As a bankruptcy attorney with 14 years of experience, George Belche is able to help most clients keep virtually all of their assets. Through the use of exemptions, you will most likely be able to keep important property like your house, your car, your retirement accounts, furniture and other important items.

Myth: Bankruptcy will ruin your credit.

Reality: The truth is that by the time most people file for bankruptcy, their credit score has already been lowered by all the reporting agencies. A bankruptcy filing does show up on your credit report, and it does have a short-term negative impact, but it also wipes the slate clean. You get a fresh start and can start rebuilding your credit in only a few years.

Myth: Many people cannot file for bankruptcy anymore.

Reality: Bankruptcy laws changed in 2005, but the reality is that most people who qualified for Chapter 7 bankruptcy before the change will still qualify today. If you meet the new means test, Chapter 7 is an option for you. Additionally, nothing in the new law precludes you from filing for Chapter 13 bankruptcy.

Myth: Filing bankruptcy prevents you from getting credit in the future.

Reality: Filing for bankruptcy shows that you are taking responsibility for your situation, and it clears your debts. That means your debt to income ratio is lowered. Banks are more willing to lend to people with less debt. In fact, many people are able to obtain a mortgage loan within two years of filing for bankruptcy.

Myth: Newspapers publish the names of people in bankruptcy.

Reality: In the vast majority of towns and cities, no newspapers publish any information about personal bankruptcies.

Contact a Gwinnett County Rebuilding Credit Lawyer

If you are in serious financial trouble, do not lose hope. At the bankruptcy firm of George R. Belche, Attorney at Law, we are happy to offer a free initial consultation to discuss how we can help. Call (770) 884-7031 or toll free (877) 648-9812. You can also contact our law firm online.

"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."