04/18/2023
Bankruptcy: Myth vs. Reality
Concerns people have about filing Bankruptcy that are commonly mistaken!
1. “The creditors will still be after me”
Once the Bankruptcy is filed, the lenders are legally required to NOT contact the borrower regarding any such matter, including but not limited to: liens, property (house, car), and credit cards. If they break this law, they will get sued (likely by the firm who filed your bankruptcy) and will owe a hefty fine! You are 100% protected from creditors once the bankruptcy petition is filed!
2. “My credit will be bad for 7-10 years”
This is absolutely untrue! Though the bankruptcy could be on your credit for up to 7-10 years, this does not mean your credit will be ineffective the entire time the bankruptcy is there! Keep in mind that it’s likely if you’re filing, your credit is already low. So in reality, filling bankruptcy isn’t going to cause much more damage! You will still be able to build your credit, and after some time you will also be eligible to make big purchases!
3. “I won’t be able to buy a house or car”
When it comes to being qualified to make big purchases after filing bankruptcy, we have good news! Buying assets after filing doesn’t take as long as most think. Typically, after the initial filing, it takes about 6 months to purchase a car, and about 2 years to purchase a house. Rest assured, you’ll still be able to make these purchases after a little time, so don’t let this concern hold you back from filing!
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