Tennessee Bankruptcy Attorney Helps Clients Learn More About Bankruptcy
At the law firm of David F. Cannon, we have filed thousands of bankruptcies over the last 20 years. Our attorneys David F. Cannon and Michelle Spezia, have a comprehensive understanding of the bankruptcy laws and how they apply to a variety of situations.
Our lawyers take great pride in giving our clients straight talk and answers about the bankruptcy process. Part of our job occasionally involves clearing up certain misconceptions about the bankruptcy process. Some of the more common bankruptcy myths we hear are as follows:
If I file bankruptcy, my credit will be ruined: Filing bankruptcy will appear on your credit report. A Chapter 7 filing will appear on your report for ten years, while a Chapter 13 filing will appear for seven. On the other hand, if you are thinking about filing for bankruptcy, it is likely your credit is not in a good position to begin with.
In many cases, you may receive credit card applications shortly after your bankruptcy is completed. If you use a credit card judiciously, you will likely find further credit opportunities open to you.
I will lose everything I own in bankruptcy: Again, this is not true. In Chapter 7 bankruptcy, the bankruptcy trustee will be able to liquidate, or sell, any of your non-exempt assets. The key here is the word non-exempt. Depending on what you own, you may not have any non-exempt assets. On the other hand, if your assets are subject to liquidation, you can always file Chapter 13 bankruptcy, where fewer assets are subject to liquidation.
All my friends and neighbors will know I filed for bankruptcy: Bankruptcy filings are public information. With that said, it is unlikely anyone will know you filed for bankruptcy unless they are looking for this information. More importantly, bankruptcy does not have the stigma it may have had decades ago. Bankruptcy is not a reflection of your character. Rather, it merely reflects some bad luck or some unfortunate events. Millions of Americans have filed bankruptcy at some point in their lives, and have found bankruptcy to be a useful way to get back on their feet.
Contact the Nashville Bankruptcy Myths Lawyers at the Law Firm of David F. Cannon
Call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm today to schedule a consultation with our law firm.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
