Bankruptcy Myths in Nashville
Truth vs. Legend
There are widespread myths regarding bankruptcy. Unfortunately, these can cause someone to decide against filing for bankruptcy even when it may be their best option. It is a valid solution for those in severe financial trouble and the facts surrounding it should be well known. Our lead attorney at our Nashville office can advise as to how it may benefit your personal situation and what also may hinder you in the process.
Some general points to keep in mind when filing for bankruptcy is that it does not make you a bad person. The inability to keep up with your debt can occur for any number of reasons. Even if you unwittingly overspent, it doesn’t mean you don’t deserve a fresh start now that you see the reality of the situation. Another is that bankruptcy does not leave you with nothing. In most cases, people who file for bankruptcy are able to keep their assets. While bankruptcy is reported on your credit for 10 years, it does not adversely affect your credit rating for that long. Unless you undertake other actions which negatively impact your credit, it should only be a take a few years from filing before your credit has improved.
When you file for bankruptcy it is not usually known to your family, friends and employers. While it is a matter of public record, it has to be specifically searched for this information to be obtained. It is therefore unlikely your friends, family or employer will know about it. In some cases, a trustee may want to contact your employer for wage information but you can have them make other arrangements if you prefer.
Learn the True Facts From the Experts
At Cain & Associates, PLLC, we feel strongly about helping you achieve a better financial future. We understand that bad things happen to good people and believe you deserve to be freed from the unending trap of insolvency. No one should feel like there financial future is hopeless after filing for bankruptcy. We strive to keep our clients informed so that they know the truths regarding bankruptcy and its alternatives. This way you can make an informed decision to best fit the needs of your unresolved debt. Familiarize yourself with the truths of bankruptcy today and contact our Nashville office.