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Common Bankruptcy Myths

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Being overwhelmed by debt is, to say the least, highly unpleasant.  Creditors constantly hound you for money, you have serious trouble purchasing anything that requires credit because your credit rating is ruined, and you’re filled with the mental insecurity of not knowing what’s going to happen to your property.

Many people who are in debt feel the exact same about it: they’re trapped.  They’re trapped by their debt and don’t know what to do.  Bankruptcy, in a nutshell, is the key to setting you free.

That being said, there are still quite a few fears about bankruptcy that give people pause when considering it, even in the face of overwhelming debt.

So, let’s disprove some myths about Bankruptcy:

  1. Bankruptcy will make me lose all of my property.

I’ll admit, this one has a hint of truth to it, but nowhere near enough to be worried about.  In Chapter 7 bankruptcy, your assets will be liquidated and then used to repay creditors. These assets, however, are organized into exempt or non-exempt property.

Your home, your car, and many other important pieces of property are protected as exempt under Tennessee law.  You get to keep them.  Sure, you may lose your second yacht, but the things that matter are yours to keep.

  1. Bankruptcy will destroy my credit rating.

This one is actually kind of silly, if you think about it, but still understandable.  While it is true that bankruptcy appears on your credit report for the next ten years, it’s actually not as bad as you think.

Think about it: you’re currently getting sucker-punched by debt.  Your credit rating is already in the hole.  Bankruptcy gives you the chance to get your feet back under you and start building yourself up again.  Many people actually come out with positive credit ratings after bankruptcy simply because losing the weight of debt frees them to make good credit decisions.

  1. Bankruptcy will destroy my retirement plan.

This one is understandable nerve-wracking.  You’ve spent your whole career building up your retirement plan, and now you feel either faced with intense debt or losing your retirement funds.

Good news: your retirement fund is exempt.  Creditors can’t touch your retirement fund, and the court places it safely to the side when divvying up your assets.  There is a limit that can be considered exempt for traditional and Roth IRAs, but that limit is over $1 million, a comfy amount, indeed.

  1. Bankruptcy is scary and means I’m a loser.

I’m pretty sure a certain board game (which I won’t mention by name to avoid any lawsuits) has filled all of us with a fear for bankruptcy.  The word “bankruptcy” has become synonymous with fear, with losing everything and having all of our friends and coworkers look down on us.

This one is a snare set by fear itself to trap us from making the smart decision.  Filing for bankruptcy doesn’t mean you lose, it doesn’t mean you should hang your head in shame.

Filing for bankruptcy means you’re sick of carrying around massive debt and you want a fresh take on life.  It means you’re making the mature decision to reclaim possession of your own life.

If you’re considering bankruptcy, take the first step in reclaiming your life and call us today.   Our attorneys are bankruptcy professionals who will expertly guide you through bankruptcy’s legal process.

Call 615-898-0607

 

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