Filing for bankruptcy is a big deal, and it can cause a lot of fear. And yes, it can be scary – especially when you don’t know what to expect. Let us address several common bankruptcy fears below, and how you can overcome them.
Fear of the Unknown
One of the biggest fears we see in clients is the unknown. When filing for bankruptcy for the first time, you don’t know what to expect, what will happen, or what’s involved with the whole process. One way to overcome this is to schedule a free consultation with our attorneys. During this meeting, you are under no obligation to hire us to represent you throughout your bankruptcy, but it will help put you at ease. During the meeting you’ll learn exactly what bankruptcy is, and what it is NOT. Trust us – it’s not what you’ve heard from other sources and members of the media. We’ll talk through the truth about bankruptcy and ensure you know what to expect.
Fear That You Cannot Afford to File for Bankruptcy
If you’re avoiding filing for bankruptcy – or hiring a bankruptcy attorney to help you file – because you don’t think you can afford it, we’re here to tell you to not let it stop you. When you need to file for bankruptcy, you just need to worry about getting out of debt and giving your attorney the necessary documents. It’s the attorney’s job to find a way to fit the legal fees into your budget. Now, it doesn’t always work 100% of the time, but at our office, we can usually find a way to make it work for our clients.
Fear of Not Being Able to Buy a House, Or Get Credit
Another common bankruptcy fear we often hear from clients is being afraid they’ll never be able to buy a house or qualify for lines of credit after filing for bankruptcy. There is no need to be afraid! You can typically qualify for an FHA loan in about two years after filing for bankruptcy. And it’s even better for credit cards and car loans. Generally, you can get a credit card or car loan right after filing. Now, you might not get the best rate or offer, but you can qualify.
We understand there is a fear that your credit score will be terrible forever and you’ll never qualify for credit again, but typically, credit scores can be around 700-720 two years after having your debts discharged through bankruptcy.
Fear of Losing Property
You might be worried that you will lose your property – including your house or car – when you file for bankruptcy. If you’re filing for Chapter 7, you might worry that everything will be liquidated to pay off your debts. However, this is highly unlikely. During Chapter 7, you can use exemptions to protect your assets. When working with your attorney, you can protect most – if not all – of your assets.
Fear of Embarrassment
Yep, we get it. When you file for bankruptcy, you might be worried that your friends, family, and even co-workers will find out. However, wouldn’t it be better to admit that you needed help getting out of debt, and getting a fresh start, rather than drowning in debt, being harassed by collectors, and defaulting on loans? Bankruptcy can be humbling – but it can also be the restart you need.
Let Us Help You Overcome Bankruptcy Fears
If you are worried about filing for bankruptcy, don’t let the fear stop you. Let our lawyers at The Law Offices of Alexzander C.J. Adams, P.C. help. We will walk you through your options so you can make an informed decision and overcome bankruptcy fears. We work for you, the people, and not institutions. Contact us for a free case evaluation, or no-obligation consultation. We are dedicated to helping you overcome this small bump in the road and assisting you to get on with your life.
