Common Bankruptcy Myths

Learn the Truth from Our Boca Raton Bankruptcy Attorney

Don't fall for common myths about bankruptcy. Filing for bankruptcy is a viable debt relief option for many people. Individuals often miss out on financial relief and continue to suffer under crushing debt because they do not fully understand the truth about bankruptcy. On this page, our Boca Raton bankruptcy attorney at the Law Offices of David Kovari, P.A. separates fact from fiction.

Some of the most prevalent myths about bankruptcy include the following:

After bankruptcy, I'll never have good credit.
This isn't true. By taking careful steps and making smart financial choices consistently after declaring bankruptcy, you can rebuild your credit within a matter of years or months. Our attorney helps educate people about credit restoration and life after bankruptcy. It's all part of our commitment to helping our clients succeed financially.

Bankruptcy means financial failure.
Many people fall into deep debt due to some unforeseen circumstance, such as a medical emergency or an unfortunate death in the family. A lot of our clients are hard-working people who have encountered hard times. Bankruptcy is an honest solution for families to have that second chance at life.

Everyone will know that I filed bankruptcy.
While this information is technically public information, no one will know unless they purposefully dig through public files. The only people who should know are the ones you decide to tell.

I'll lose all of my assets when I file bankruptcy.
Chapter 7 or straight / liquidation bankruptcy means dissolving assets in order to pay off loans. There are, however, numerous exemptions-meaning property or assets protected from liquidation. In most cases, a good lawyer can help you avoid losing most if not all of your assets. Chapter 13 or reorganization bankruptcy does not require any kind of asset liquidation. Some debts are discharged while the rest is reorganized into manageable payments over a longer period of time. You may qualify for Chapter 13 bankruptcy if you do not meet the income limitations of Chapter 7 bankruptcy.

Are you ready to learn more about bankruptcy?
Call the Law Offices of David Kovari, P.A. today at (800) 843-1165 for a free case evaluation.
We proudly serve all South Florida.

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