There are many myths surrounding bankruptcy in Georgia. Unfortunately, these false narratives can cause extensive harm by spreading incorrect information and creating unnecessary fear around the process. It is crucial to debunk these myths so that people can make well-informed decisions about their financial future. In the guide below, we will clear up some of the most common Georgia bankruptcy myths and help dispel the confusion created by these false ideas.
Myth One: Everybody Will Know You Have Filed for Bankruptcy in Georgia
Unless you are a major corporation or a well-known individual, the likelihood of people finding out about your bankruptcy is low. While bankruptcy is a matter of public record, the number of people who file is extensive, and unless someone is trying to track specific information about you, it is rare that they will just happen to stumble upon a bankruptcy filing.
Myth Two: You Will Never Be Able To Own Anything Ever Again
Just because you are filing for bankruptcy does not mean you will never be able to own anything ever again. In the future, you can own, purchase, and possess anything you can afford.
Myth Three: It Is Hard To File for Bankruptcy in Georgia
While filing for bankruptcy can be a complicated process, it does not need to be hard. When you work with an experienced Georgia bankruptcy attorney, these legal professionals can handle this whole legal process for you, ensuring everything is done correctly and submitted to the appropriate court.
Myth Four: Filing for Bankruptcy Means You Didn’t Do Enough To Get Ahead
Many individuals who file for bankruptcy are hardworking people who have exhausted all other options to improve their financial situation. Bankruptcy is often a last resort after years of struggling to pay bills, which may have been caused by significant life events such as job loss, divorce, or unexpected family emergencies. It is also important to remember that bankruptcy laws were created to make sure that individuals have a way to get free from debt and have a second chance to start fresh.
Myth Five: Filing for Bankruptcy Will Kill My Credit
Many individuals do not realize that if they are at the point of filing for bankruptcy, their credit score is likely already affected. However, bankruptcy can aid in restoring their credit by eliminating specific debts and placing them in a better position to start over.
Although filing for bankruptcy may initially lower one’s credit score, this decrease is only temporary. In fact, most individuals who file for bankruptcy will experience an improved credit score within a few months after the process is complete.
For More Information About Filing for Bankruptcy in Georgia, Contact Duncan & Brow, Attorneys at Law, LLLP, Today
If you have questions about other bankruptcy myths you have heard about or want further details about the process of filing for bankruptcy, contact the legal team at Duncan & Brow, Attorneys at Law, LLLP, today. Our bankruptcy attorneys can carefully assess your circumstances, suggest the legal options that would work best for you, and assist you in navigating this challenging time.