Top Three Bankruptcy Myths

When you are facing financial difficulty you may feel like you are all alone and have no one to turn to for support or guidance. Whether you recently lost your job, went through a divorce, or had an unexpected series of medical expenses, financial stress may have lasting effects on your health and well-being. Filing for bankruptcy can get you out of debt so you can begin rebuilding your credit score. Unfortunately, there are many misconceptions when it comes to bankruptcy.

If you or someone you know is considering filing for bankruptcy, it is important to consult a qualified professional so he or she can answer all your questions or concerns with the truth. To speak with one of our professional legal representatives about your options, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494 and schedule a free consultation.

The Truth behind the Myths

Before filing for bankruptcy, it is important to understand the truth about the process and how bankruptcy affects your life. Some common myths include:

MYTH: You can file for bankruptcy as many times as you need to

TRUTH: While there is no restriction on the number of times you can file, you must wait the appropriate amount of time between filings for each individual chapter.

MYTH: All my debts are discharged if I file for bankruptcy

TRUTH: There are actually many non-dischargeable debts that are not eliminated through bankruptcy such as child support payments .

MYTH: I won’t be able to get a mortgage or loan after filing for bankruptcy

TRUTH: Experts say that creditors typically look at your most recent credit history. While bankruptcy may tarnish your history for a little while, you can slowly build your credit score back up.

Contact Us

If you have any questions about bankruptcy and your specific financial situation, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494 and take control of your future.