Debunking Common Bankruptcy Myths In Roswell, GA

Understanding Bankruptcy In Roswell, GA

Roswell, GA needs a lot of advice regarding bankruptcy. Many people have fallen into hard financial times in this city in the past few years. There is rampant joblessness in the country and the cost of living has gone through the roof. One of the groups that are really suffering from debt is students. Student loans have surpassed $1 trillion dollars in the United States. 

Many students in Roswell, GA are already trapped in heavy debts. Even before they get a job, many graduates find themselves helplessly in debt. It does not help that the job market is not particularly welcoming. These are some of the reasons why many people are turning to bankruptcy lawyers like The Galler Law Firm, LLC for assistance. The first thing that any qualified Roswell bankruptcy attorney will tell you is that debt is nothing to be ashamed about. You should not be ashamed of filing for bankruptcy. You are simply dealing with a bad situation in the most practical possible. That being said, there are several important things that you need to understand about bankruptcy and these include:

  • You need to consult a qualified bankruptcy lawyer before filing
  • You need to go through all your financial records before filing
  • You need to choose between Chapter 7 and chapter 13 bankruptcy
  • You need to be very clear about all your exemptions 
  • Do not worry about the process

This is some of the basic knowledge that you need to have before filing for bankruptcy in Roswell, GA. There are several myths that are always circulating in the bankruptcy field in Roswell, GA. Today we are going to debunk these myths. 

Bankruptcy Is For The Financially Irresponsible

This is perhaps the biggest fallacy of all. Filing for bankruptcy in Roswell, GA does not mean that you are financially irresponsible. Any set of circumstances can result in heavy debts. It’s quite true that you could have mismanaged your money or made some bad investment decisions, but so many factors are needed to land you in heavy debts. This brings us back to the point made above; you should not be ashamed of being in debt or of filing for bankruptcy in Roswell, GA. 

Bankruptcy Will Take Everything From You

One legal scholar commented that many people avoid bankruptcy because of fear and ignorance. This is quite true. Many people fear that they will lose everything through repossession if they file for bankruptcy. They think they are literally telling their creditors they are unable to pay and are hence at the mercy of the creditors. This is not the case. There are many legal provisions to protect your financial resources and assets when you file for bankruptcy in Roswell, GA. 

Bankruptcy Will Wipe Out All Your Debts

Filing for bankruptcy does not mean that all your debts will disappear. There are many ways you can be forced to pay in Roswell, GA. Your assets can be liquated. You will commit to monthly payments. Your debts will not magically disappear. 

Bankruptcy Will Ruin Your Credit Forever

This is another major fear without any legal or financial grounds. It’s true your credit score will dip considerably when you file for bankruptcy in Roswell, GA. But it is a good thing because you can now start afresh. You will get many credit cards after this and you start rebuilding your credit score again.