Baltimore County Bankruptcy Lawyer

Common Bankruptcy Myths

Most people are very reluctant to declare bankruptcy but it may be in one’s best interest to do so depending on the particular circumstances.   While it is not something to enter into lightly, there are some common bankruptcy myths that may be barring some individuals from petitioning for bankruptcy and being able to get a fresh start on their financial future.  A Baltimore bankruptcy attorney at the Aylward Law Firm has been helping clients become free of overwhelming debt for over 22 years.  If you are considering a Chapter 7 or Chapter 13 bankruptcy , it is important to get the help of an experienced and dedicated bankruptcy lawyer who can dispel some common myths about this process.  Following are several bankruptcy myths and why they are exactly that—myths.

I will have to liquidate all my property.

Bankruptcy law protects many assets such as cars, homes, etc. and you may actually be able to avoid foreclosure .  The bankruptcy process gives you a chance to offer what property you may want to liquidate and which you want protected.  It is a minority of bankruptcy filers who have to sell off major assets.

No credit card company will give me a card for a long time.

While your credit card interest rates may be higher for a while, you may be surprised at the number of offers you will be receiving after your bankruptcy filing!

All my debts will be eliminated.

While many debts can be discharged by a bankruptcy, some will not.  Examples of debts that may not be eliminated with a bankruptcy are some tax liabilities, alimony or child support, student loans, etc.

My income is too high to qualify for a Chapter 7 bankruptcy.

Not necessarily.  Even if your income is above the median, you may still pass the Means Test if your income vs. bills results in low disposable income.

Contact us to get your questions answered by an experienced Baltimore bankruptcy attorney and get bankruptcy myths dispelled right away!