The Truth About Filing for Bankruptcy

The concept of filing for bankruptcy protection tends to come with a social stigma. Many people are worried that others will find out they are in over their head financially. The truth is, however, it’s unlikely anyone will know you’ve filed for bankruptcy – unless you tell them.

That’s just one of the facts about filing for bankruptcy. The biggest truth about reorganizing your financial life, with the help of a skilled bankruptcy attorney, is that the entire process will give you a chance to start fresh. We all make mistakes and the economic recession of recent years turned peoples’ small errors in judgment into financial problems that are almost impossible to tackle

Truth No. 1: More than one million people filed for bankruptcy across the country in 2013. Did any of those people want to file? Probably not. Today, however, the vast majority of them are working on rebuilding their credit without the overwhelming stress of debt hanging over their heads.

Truth No. 2: Speaking of rebuilding credit, it’s not as difficult as you may fear. In most cases, bankruptcy clears your debt. It also wreaks havoc with your credit score. However, you can apply for a secure credit card and likely begin to rebuild your good credit in under a year.

Truth No. 3: See No. 2; “in most cases” bankruptcy clears your debt. That doesn’t mean all your debts will be automatically discharged when you file for bankruptcy. An experienced lawyer can advise you about your rights and will be honest when it comes to which bills you will still have to pay. For example, bankruptcy won’t stop you from having to pay child support payments or student loans.

Truth No. 4: Many people think the process of filing for bankruptcy is exhaustively long. Worse, they fear they will have to go to court multiple times (which may force them to have to share their personal financial business with an employer, for example.) The truth is that your bankruptcy attorney will represent you in court and other hearings. There are only a few times you will have to appear in person.

If you have questions about whether filing for bankruptcy protection is in your family’s best interests, contact Joel R. Spivack, Esq. He has helped countless people in South Jersey get on the road to a fresh financial start. Call 856-488-1200.

We are here to help you.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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