If you are struggling with debt in Tempe and considering filing for bankruptcy, it is important to have accurate, up-to-date information about bankruptcy law. Unfortunately, there is a lot of bad information out there, in the form of bankruptcy myths.
On this page, we will dispel some of the more common bankruptcy myths. For information about what bankruptcy can do for you, contact the Arizona Law Group of Trezza & Associates to speak with an experienced Tempe bankruptcy lawyer.
Common Bankruptcy Myths
Below are some of the most common bankruptcy myths:
- Myth: It is very unlikely you will qualify for bankruptcy after the 2005 law changes.
- Fact: Most people who are in enough financial turmoil to consider filing for bankruptcy still qualify, if not for a Chapter 7 bankruptcy, then a Chapter 13.
- Myth: You will have to give up all of your property after filing for Chapter 7 bankruptcy.
- Fact: Most people who file for Chapter 7 have no non-exempt assets, meaning they lose nothing by filing for bankruptcy.
- Myth: You will never be able to get credit again after filing for bankruptcy.
- Fact: If you need to file for bankruptcy, your credit score is probably very low to begin with. While you may temporarily not be able to get credit after bankruptcy, it can be the first step to restoring a healthy credit rating.
For more information, we have provided a bankruptcy FAQs section for you to review.
Contact Us to Learn More About Arizona Bankruptcy Myths
Every case is different, so it is important to discuss your situation with a Tempe bankruptcy attorney before making a decision. Contact us to discuss your options. We represent clients from Mesa, Tempe, Tucson and throughout the surrounding region.
