The Three Biggest Bankruptcy Myths: How Filing Will Affect Your Life

There are a number of myths surrounding  bankruptcy and how it may affect you as a borrower. Here we will dispel three of the main myths on this important subject:

Myth #1: Filing for bankruptcy is a traumatic experience.
Though it is true that bankruptcy can be complex and difficult, it can provide a great deal of relief at a time when you may be dealing with foreclosure, collection lawsuits and creditor harassment. Bankruptcy offers you a chance at a fresh start, a clean slate. You can eliminate debt and face a brighter financial future as a result.

Myth #2: Filing for bankruptcy will cause family problems and even divorce.
Overwhelming debt can place a great deal of strain on any family or marriage, but bankruptcy can actually provide a solution. Rather than lead to divorce or family strife, bankruptcy can actually alleviate much of the stress that you are dealing with. When you eliminate the strain placed on a family by wage garnishment, repossession, foreclosure and constant contact or harassment by debt collectors, you can begin to repair your relationships and work toward peace at home.

Myth #3: Everyone will know that I filed.

Unless you are a celebrity or owner of a large corporation, the chances that anyone will find out that you have filed for bankruptcy are slim - unless you mention it yourself. It is true that bankruptcy are public legal proceedings, but the majority of people and publications do not keep track of bankruptcy filings.

Get answers to your questions and honest information from a professional at the Long Island bankruptcy law firm of Jacoby & Jacoby. The firm is committed to providing straightforward guidance to each and every client in these crucial matters.

Contact a Long Island bankruptcy lawyer at the firm today.