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Don't Believe These 3 Common Bankruptcy Myths

If you find yourself in a financial crisis or in serious debt, filing for bankruptcy may seem like a last-resort plan. Despite common belief, filing could be one of your better options. So, don’t believe the hype; here are three myths about bankruptcy that are actually far from the truth:
bankruptcy myths vs facts

Myth 1: Rebuilding a credit score after filing for bankruptcy is impossible.

The Truth: According to U.S. News, re-establishing your credit is actually an easy task after filing for bankruptcy if you have the right strategy. After you file and once your finances have stabilized, sign up for a credit and begin making regular, on-time payments. As long as you avoid making late payments, your credit score should improve.

Myth 2: For at least 10 years, there will be bankruptcy information on your credit report.

The Truth: When it comes to bankruptcy information, MSN reports that only Chapter 7 bankruptcy information remains on your public report for 10 years. Any other bankruptcy information, such as Chapter 13 bankruptcies, only show up on your public report for seven years.

Myth 3: Bankruptcy clears all previous debts.

The Truth: Filing bankruptcy does not guarantee a financial fresh start. Some types of debt, like child support or criminal restitution, cannot be voided by a bankruptcy, writes U.S. News. For this reason, it’s important to consult a lawyer and thoroughly consider your options before you decide to file.
If you are considering filing for bankruptcy in Las Vegas, consult with DeLuca & Associates. Addressing your concerns about bankruptcy with a seasoned bankruptcy lawyer in Las Vegas will help you determine the best avenue for your financial future. For more information, call (702) 252 -4673.

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Representing thousands of clients since being founded in 2001 by attorney Anthony Deluca, DeLuca & Associates remains established as the premier consumer bankruptcy law firm in Nevada.

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DeLuca & Associates
Bankruptcy Law Firm Serving Nevada

4560 S. Decatur Blvd. Suite 302
Las Vegas, NV 89103

(702) 252-4673
hope@deluca-associates.com

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