Bankruptcy Myths

Rochester Debt Relief Lawyer
Many individuals attempt to research bankruptcy by first asking friends or family members. Often, the answers are based more on myth or misconceptions than actual fact. I have taken the time to discuss a few of the more common myths about bankruptcy.
Myth 1: Bankruptcy Will Ruin My Credit for 10 Years
Absolutely not. For most bankruptcy candidates, it is the first step in going from bad credit, to no credit, and then working to re-establishing credit. Bankruptcy gives individuals a clean slate, a fresh start. You will begin rebuilding your credit almost immediately.
Myth 2: It Is Difficult to Get Credit or Loans After Filing Bankruptcy
Not necessarily. Once you have filed bankruptcy and your credit card debt, medical bills or personal loan debt has been eliminated, you run the risk of being bombarded with credit offers. Credit card companies see you as a, for lack of a better term, blank slate. You have no more debt and cannot file Chapter 7 again for eight years. It is up to you to manage your debt this time around and build a more stable financial future.
Myth 3: If I File, the Government Will Take All of My Property
Not necessarily. The fact is that much of the property and assets you own is exempt. However, many of the exemptions act as alternatives to each other. In other words, you might not be able to keep Asset A and Asset B, but you can choose one or the other. You need an experienced attorney to guide you through the decision process and all of the challenges of New York law.
Myth 4: I Must Pay Back All of My Debt if I File Chapter 13
Absolutely not. Chapter 13 will require you to pay a portion, often a small percentage, of your total debt. Many times, a Chapter 13 filing is much more beneficial than a Chapter 7. In many cases, the court will impose its own lower interest rates on the repayment.
Myth 5: After the 2005 Law Changes, I Cannot File
Not necessarily true. Certainly, the laws have become more complicated, but for an experienced attorney, a bankruptcy filing is almost second nature. You must simply choose the right lawyer to explain your options to you.
Myth 6: People Who File Bankruptcy Are Lazy or Immoral — or Both
Absolutely not. Most people who file are good, decent, hardworking people who want to pay their debts but cannot for a variety of reasons. Perhaps emergency home repairs, medical situations or the income status has changed. There are a great number of reasons that people get overwhelmed by debt. The Bankruptcy Code exists as a safety net for people, and allows them to wipe their debt away and begin a new life.
Contact the Firm
If you have questions about bankruptcy myths or debt liquidation, contact the Law Offices of George Mitris by calling either of my two conveniently located offices: Victor, NY, or Greece, NY, at 585-225-7830 or by completing the contact form on this website. I offer a free initial consultation, and I maintain office hours that are convenient to my clients’ needs.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

The Law Offices of George Mitris
2080 Ridge Road W Greece, NY 14626
Phone: 585-471-8606
Fax 585-471-8605
George Mitris