Common Myths About Bankruptcy

Much of the bankruptcy information posted on the Internet is full of myths and misconceptions regarding bankruptcy law. While doing some research on your own is never a bad idea, a lot of misinformation about bankruptcy scares people from the truth about the benefits of bankruptcy and their options under consumer protection laws.

At our law firm in Louisville, attorney Michael B. Marks give our clients the facts about bankruptcy and how it might be the right choice for them. Some common bankruptcy myths and questions we help correct include:

  • I will never have access to credit — Filing for bankruptcy can be the first step to rebuilding your credit.
  • Does filing for bankruptcy ruin my credit? — Filing for bankruptcy may actually improve your credit by giving you a fresh start.
  • If I file for bankruptcy, I won't be able to buy a car — With careful planning, your credit will be restored and you will qualify for a car loan after your debt discharge.
  • My former spouse will take care of our debt — This is a common misconception. Depending on the circumstances of your divorce and the debts, creditors will still hold you accountable.

There are plenty of other bankruptcy misconceptions. The above are just a few, and the answers provided are general explanations. For one-on-one advice, contact our law firm and schedule an appointment with Michael.

Learn The Truth About Bankruptcy

While it can be difficult to sift out the bankruptcy facts from the fiction, our attorney, Michael, will share his knowledge of the law with you. When you're ready to get the facts, contact us today to schedule a free initial consultation.

Send an email or call us at 502-785-0953 to schedule an appointment with Michael, a Louisville bankruptcy lawyer who will listen to your story. We also offer weekend and after-hours appointments to better serve your needs.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.