Filing for bankruptcy comes with a number of emotions: fear, apprehension, anxiety, overwhelm, and hopefully, a bit of excitement that you are finally getting your financial situation under control. Unfortunately, there are a number of misconceptions about bankruptcy that often interfere with the excitement and instead, cause negative emotions to take over. For some, these negative emotions based on misconception delay the filing process, leading to a worse financial situation than necessary.
If you are thinking of filing for bankruptcy, or you’re struggling financially but the thought of bankruptcy terrifies you, here are a few surprising things you should know:
Bankruptcy Does Not Mean You’ll Lose Your Home
There are people who have lost their homes in a bankruptcy, but in many cases filing for bankruptcy makes it possible to remain in your home. You’ll need to work with an experienced bankruptcy attorney to ensure everything is handled properly, but many states offer a homestead exception that enables you to keep your primary residence when you file for bankruptcy.
Fear of losing your home should not be your reason to avoid speaking to someone about bankruptcy. For more information about bankruptcy and homeownership, check out this article from Homeownership.org article from Homeownership.org.
Bankruptcy No Longer Has the Negative Connotation It Once Did
There was a time when people were ashamed to file for bankruptcy, but those days are long gone. This is especially true after the financial struggles of the mid and late 2000s. Many people found themselves underwater in their mortgages, struggling to find work, and just not where they want to be financially.
Bankruptcy is no longer an option only for “deadbeats” who ran up the balances on their credit cards and didn’t bother paying their bills. Today, filing for bankruptcy is one of the best tools you have to get yourself back on track financially.
Bankruptcy is an Investment in Your Future
Some people are surprised to learn filing for bankruptcy costs money – in some cases thousands of dollars. Filing is not something just anyone can do and you actually need to qualify for bankruptcy to file.
Bankruptcy should be seen as investing in your future, as opposed to ignoring your responsibilities. It means taking action toward improving your situation and is an investment made by many smart people.
Much of what you’ve heard about bankruptcy might be wrong, and there is no time like the present to get the facts straight. If you are struggling financially, but you aren’t sure bankruptcy is right for you, we can help. If you’d like more information on how bankruptcy could help you, contact R. Flay Cabiness, II, P.C. at (912) 554-3774 (Brunswick, GA); (912) 375-5620 (Hazlehurst, GA) or; (912)-554-3756 (Jesup, GA).
