Important Filing bankruptcy is stressful, and it is not easy.

Most people have at least some wrong information about bankruptcy. Irrational fears hold people back from utilizing this helpful process. We hope that by dispelling some of these widely held myths, we can help you to determine whether bankruptcy is the right course for you. The initial consultation with a bankruptcy attorney is free. You owe it to yourself to.

Myth I: Bankruptcy is difficult.
While there are many rules in bankruptcy and the process may seem confusing, it is not so difficult that you should avoid the benefits bankruptcy can afford you. If you have competent lawyers representing you, the process should be straight forward for most non-business debtors.

Myth II: If I file, I will lose all my property.
Because of several exemptions built into the bankruptcy law, most people who file for bankruptcy protection do not lose any property at all. Those with substantial property can usually keep their property if they agree to pay back some or all of their debt.

Myth III: If I file, I will never get credit again.
You will begin rebuilding your credit as soon as you file bankruptcy and obtain a discharge. In many cases, clients report having an easier time obtaining credit after bankruptcy, because the process has freed them from so much debt and has significantly improved their debt to income ratio.

Myth IV: If I file, I will lose my Pension, IRA, or 401(k).
In Connecticut, these assets are generally exempt. You will keep your pension, IRA, and 401(k) in bankruptcy.

Myth V: If I file, I will lose my job.
In most cases, employers will not find out about the bankruptcy, unless you choose to tell them. Either way, employers are not allowed to fire someone (or take other adverse action) for filing bankruptcy.

Myth VI: My bankruptcy will hurt my spouse's credit.
If you choose to file separately, or if your wife chooses not to file at all, your filing will not affect his/her credit. Your spouse's income will be reviewed to determine your eligibility for filing, but neither your spouse�s name or social security number will be disclosed.

Myth VII: Bankruptcy will prevent my paying debts I want to pay.
Nobody will stop you from paying a debt you wish to pay. After your discharge, you can choose which debts to pay and which ones not to pay.

Myth VIII: Bankruptcy will not help me because I owe taxes.
While it is true that some taxes will not be discharged, others can be. There are many rules which an attorney can explain to you.

Myth IX: Filing bankruptcy will take too long.
The total time for a straight Chapter 7 bankruptcy is approximately four months. However, the debtor receives the benefit of an automatic stay immediately after the petition is filed. The automatic stay means that creditors are generally not allowed to attempt to collect any debts from the debtor. The phone calls from creditors should stop immediately.

Myth X: Only deadbeats file bankruptcy.
Congress created bankruptcy laws to help good people who get into debt for reasons which are beyond their control. Many people are forced into bankruptcy because of medical debt, loss of a job, divorce, or similar circumstances. The laws are intended to help people get out of problems honestly and to give them a fresh start. When good people have serious financial problems, they owe it to themselves and their families to consider bankruptcy

Filing bankruptcy is stressful, and it is not easy.The decision as to whether to use an attorney should be taken very seriously. After all you will have many questions throughout the process � and if you mess up badly, your case could end up being dismissed altogether. Because of the long-term legal and financial consequences, you need to strongly consider obtaining sound legal advice.

Free Bankruptcy Consultation Please fill out the form below If you are drowning in debt with little realistic hope of paying off your bills, bankruptcy is your only real option. Although far from pleasant, bankruptcy can be easier to handle than the constant pressure put on a debtor by lenders and collection agencies. You can immediately stop all harassment and legal actions, wipe out a good deal of your debt and get a new start on life Thank you and Congratulations.

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