Dispelling the Bankruptcy Myths
Each year in America, many people let misinformation about bankruptcy keep them from getting the financial help they need. Many of these "bankruptcy myths" are based on outdated information or rumors, so it is best to talk with an experienced lawyer about what is true. At the law offices of Ryan J. Ruehle, with convenient locations in Cincinnati, West Chester and Northern Kentucky, we can help dispel bankruptcy myths.
Bankruptcy myth #1: I am no longer eligible to file for bankruptcy under the new bankruptcy laws.
Bankruptcy laws changed significantly in 2005. Many people think that they might not be eligible for bankruptcy under the new laws, but this is not true. The truth is that just as many people are successfully filing for bankruptcy now as before the new law went into effect.
Most people are unaffected by the new changes in terms of their eligibility to file for Chapter 7. For the small number of people who may not be eligible for a Chapter 7 bankruptcy, Chapter 13 reorganization remains a viable option to discharge a portion of your debts while still paying your fair share in the eyes of the court.
By taking advantage of our fee initial consultation Ryan J. Ruehle, Attorney at Law, can dispel these and many other bankruptcy myths. To get started, contact us by calling (513) 777-0880 (Ohio) or (859) 331-7867 (Kentucky) or by simply completing our online contact form.
Bankruptcy myth #2: If I file for bankruptcy, I will lose my house and car.
The truth is that bankruptcy can eliminate unwanted debt and allow you to manage the debt that you want to keep, including vehicle loans and home mortgages. For this reason, bankruptcy can be an excellent way to stop car repossession or home foreclosure.
Bankruptcy myth #3: Bankruptcy will destroy my credit.
People worry that bankruptcy will give them poor credit, but the truth is that by the time most people file bankruptcy, their credit is already poor. Filing bankruptcy will have a negative effect on your credit, but that affect is only temporary.
After you have filed for bankruptcy, you can begin rebuilding your credit. You may start with prepaid credit cards or store credit cards, and soon you will be receiving credit card offers from many companies again.
We are a debt relief agency and help people file for relief under the Bankruptcy Code.