Bankruptcy Myths – New Hampshire Attorney Christopher Kelley
Many people have a lot of misconceptions about bankruptcy. There may be a lot of conflicting and false information out there. Some of the myths about bankruptcy have been around for years and simply add to the stigma and fear that people feel when they think about bankruptcy. Attorney Kelley can explain the bankruptcy process in New Hampshire to you and help dispel the many myths about bankruptcy.
Some of the most common bankruptcy myths include:
Only people who lived above their means or mismanaged their money end up going bankrupt.
The most common reasons people in New Hampshire file for bankruptcy are because they lost their jobs, got divorced, or have been hit with massive medical bills they can’t pay. Most people who end up filing for bankruptcy are hard-working and honest people who were hit hard by the recession or other life circumstances, not simply people living above their means. For most everyone, it is a difficult decision that doesn’t come easily at all.
If you file for bankruptcy, you will lose everything you own
In New Hampshire, nearly everyone who files for bankruptcy keeps all of their property by utilizing state or federal exemption laws. Bankruptcy is not designed as a way to render New Hampshire residents homeless and penniless. It is designed to help you get through a tough time and back on your feet.
If you file for bankruptcy, your credit is ruined forever
When you file for bankruptcy, there is an immediate order given to your creditors to stop harassing you for payment. While the bankruptcy filing remains on your credit report for up to ten years, most people see their credit score return to a good level within two to three years. Since you are discharging your debts through the bankruptcy process, your credit store typically improves quicker following a bankruptcy then if you choose not to file. While everyone’s situation and exact level of debt may vary, bankruptcy is a fresh start and your chance to get back on your feet. It is not a punishment that will be held over your head and affect your ability to get credit forever.
Everyone will see you as a failure if they know you filed for bankruptcy
While bankruptcy filings in New Hampshire are part of the public record, most people look beyond a bankruptcy notice for the simple fact that it affects more people than you may know. No one is immune to the possibility of having to file for bankruptcy. It affects people from all walks of life. In fact, some of the most widely successful people in history have had to file for bankruptcy at some point during their lives.
Knowing the facts and turning to a professional bankruptcy attorney to debunk the myths and misconceptions may be the best move you make when you are concerned about your financial future. Let Attorney Kelley separate myth from truth and help you navigate your way through a difficult time. Contact attorney Kelley for a free bankruptcy case evaluation.
Attorney Christopher W. Kelley 603-637-1453