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Four Common Myths About Bankruptcy

Bankruptcy is something that not many people talk about, and even fewer know much about. Because of this, many people have developed misconceptions about bankruptcy. We at Kristen A. Stanton, Attorney at Law, want to help dispel some of the more common misconceptions that people have.

  • You cannot discharge medical bills. One of the most common forms of debt is medical debt, and a lot of people believe that you cannot escape your debt obligations through bankruptcy. This is absolutely not true. It is possible to erase your medical debt through bankruptcy.
  • Filing for bankruptcy is a shameful and wrong act. Fear of social stigma has kept many people from filing for bankruptcy when they need it the most. The truth is that bankruptcy is a government system that is in place to keep people from falling into a pit of debt they can never escape. You would not judge a person for going to the hospital if they are sick and filing for bankruptcy is no different.
  • I will lose everything I own and ruin my credit forever. Here in Ohio, you can protect your property up to a certain amount. While you will not be able to keep everything you own, you are likely going to be able to a lot of what is most important to you. When it comes to your credit score, it will recover. Your bankruptcy can impact your credit score for years, but the more time that passes, the more your credit score recovers. Eventually, your score will have recovered entirely.
  • I have to appear in court before a judge. The process of filing for bankruptcy rarely involves going to actual court. For most cases, the only time you will need to show up in person is for a 341 meeting. A 341 meeting determines what nonexempt property that you own can be sold off to help pay for your debts. These meetings can be intimidating, and having an attorney at your side can make things much easier for you to go through.

Let An Experienced Lawyer Guide You Through Bankruptcy

Bankruptcy is intimidating, but it doesn’t have to be. If you are in the Defiance area, contact our office online or by calling us at 888-512-6925 today. It is never too soon to begin weighing your options with a lawyer. We can help you determine what the best possible option for your financial future is, and we can help you take it together.