Main Office: (205) 338-6565 | Talladega: (256) 268-8677
Main Office: (205) 338-6565 | Talladega: (256) 268-8677
Common Myths About Bankruptcy Law
Arnold Law Offices • Jul 25, 2023
There are a lot of common myths and misconceptions about bankruptcy law that can end up harming people. If you have any questions about bankruptcy laws or what filing for bankruptcy would mean for you and your future, this article will be dispelling a few popular myths that could help you make the best decision.
Here are a couple of myths that you may have heard about bankruptcy law:
- Your credit score will be ruined for the rest of your life. This is one of the top reasons people give for not filing for bankruptcy. However, your credit score can recover after filing for bankruptcy. Even though bankruptcy will remain on your credit report for up to 10 years, you can still improve your credit score within that period.
- Filing for bankruptcy will clear all your debt. On the other hand, some might view bankruptcy as a chance for a fresh slate or a new start, which isn’t accurate. According to bankruptcy law , some debts are never removed from a person’s responsibility, such as child support, alimony, and student loan debt.
- Declaring bankruptcy requires you to give up all your belongings. This myth can scare innocent people into not filing for bankruptcy when it could actually be their best option. However, it’s far from the truth. In most cases, those who declare bankruptcy are permitted to keep the majority of their belongings, including their home, car, and other treasured possessions.
- You have to use up all your savings before you can file. This myth may be the worst one of all. Many people use up every cent of their savings before filing for bankruptcy, which is not necessary at all. Bankruptcy law permits individuals to hold onto their savings in their IRA, 401K, and retirement savings accounts.
The post Common Myths About Bankruptcy Law first appeared on Arnold Law Offices.
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The post Important Steps to Take After a Car Wreck first appeared on Arnold Law Offices.
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When declaring bankruptcy, one of the major decisions you will have to make is whether to file Chapter 7 or Chapter 13 bankruptcy. These are two of the most common types of bankruptcy because they are available to individuals, and each has unique advantages and disadvantages. But today, we’ll be going over Chapter 13 bankruptcy […]
The post Understanding Chapter 13 Bankruptcy first appeared on Arnold Law Offices.
If you find yourself in a dire financial situation because you are overwhelmed with debt and being bothered by creditors, bankruptcy can often be a useful solution. But before you can file for bankruptcy, you should hire a trustworthy bankruptcy lawyer who can enlighten you and make sure you understand your options. Here are several […]
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The post Three Myths About Personal Injury Claims first appeared on Arnold Law Offices.
Getting a divorce is never easy. However, that doesn’t mean getting a divorce always has to be messy. When you and your spouse are able to agree on certain things, the process can move along in a smoother fashion and make things easier on everyone. Here are a few reasons why an uncontested divorce may […]
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There are two primary types of consumer bankruptcy – Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy is often referred to as “liquidation” or “straight” bankruptcy because it involves completely discharging your debits in exchange for some of your property. Once you decide to file, you will be able to keep “exempt” property, […]
The post What is Chapter 7 Bankruptcy? first appeared on Arnold Law Offices.
A DUI conviction is a serious offense that carries significant penalties. If you recently got arrested for drinking and driving, you may worry about your future, your finances, your reputation, and your employment. Although you may experience difficulties in the coming days, there are several steps you should take to protect your interests following a […]
The post Steps to Take After a DUI Arrest first appeared on Arnold Law Offices.
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