If you need to file for bankruptcy, you may be worried about the bankruptcy myths in Watertown, NY. Although it is not uncommon for New York residents to file for bankruptcy, there are many bankruptcy misconceptions that can make this decision feel very overwhelming.
At Grady BK, PLLC, our goal is to provide our Watertown clients with the legal guidance and representation they need as they navigate the truth about bankruptcy in New York. We understand how overwhelming and stressful this situation can feel, which is why we provide personalized and straightforward legal guidance for each and every one of our clients. In this article, we will be discussing the most common bankruptcy myths in Watertown, NY, and the truth regarding what life looks like after bankruptcy.
Common Bankruptcy Myths in Watertown
There are many bankruptcy fear facts that can make bankruptcy feel more overwhelming than it needs to be. That is why it is important to get local bankruptcy advice in Watertown, NY, as you are navigating your bankruptcy options. After all, bankruptcy laws are different in every state and there are many misconceptions about the consequences of filing for bankruptcy.
Here are some of the most common bankruptcy myths in Watertown, NY, that you should ignore.
You’ll Lose Everything You Own
You may be wondering if you can keep your house in bankruptcy in NY, or if you are going to lose everything else that you own. This is a very common misconception that can make bankruptcy seem much more severe than it actually is.
The real reality is that bankruptcy is not going to result in you losing everything that you own. For example, Chapter 13 is a repayment plan type of bankruptcy that allows you to pay back a percent what you owe over a repayment period. Whereas Chapter 7 allows you to wipe away most unsecured debts without paying back the creditors.
When you file bankruptcy you make a list of everything in the world you own (house, cars, bank accounts, clothes, etc.) and the law gives you exemptions that protect your property. You keep your assets.
You’ll Never be Able to Get Credit Again
Does bankruptcy ruin your credit? If this is a concern that you have, you aren’t alone. This is a very common fear people have when filing for bankruptcy, but it simply isn’t true.
While bankruptcy remains on your credit report for 7-10 years you will start rebuilding your credit within months after filing for bankruptcy. You will be able to get credit within a fairly short time frame after the bankruptcy. We will give you information on how to rebuild your credit after the bankruptcy.
Only Irresponsible People File For Bankruptcy
Many people are afraid of the shame that comes with filing for bankruptcy, especially when it comes to the belief that bankruptcy only happens to the irresponsible. The reality is that anyone can fall victim to a difficult financial situation, which could result in them needing to file for bankruptcy.
There is no shame in needing to file for bankruptcy, and this is something that could happen to anyone.
Both Spouses Must File Together
When filing for bankruptcy in Watertown, NY, you may also be worried about having to file with your spouse. The good news is that this isn’t the case, as you are not required to file for bankruptcy as a married couple. You can choose to file a joint case, but this is completely dependent on your goals and financial situation.
However, it is recommended that you hire a bankruptcy attorney to help if you are filing separately or jointly, as this can be quite a complex process.
Bankruptcy Ruins Your Life Forever
In the moment, bankruptcy can feel like a life-altering decision that will forever damage your future. However, this is not the case, as you will be able to recover from filing for bankruptcy and achieve a better financial situation over time.
For many people, bankruptcy provides them with the fresh start they need to get their finances together so that they can start making more strategic financial decisions. Most clients tell us they wish they had filed sooner as the relief they feel after bankruptcy is enormous.
The Truth About Bankruptcy in New York
Because there are so many misconceptions about what bankruptcy means for Watertown residents, this can feel like a scary decision. But it is very possible to make a full recovery after filing for bankruptcy if you take the right steps.
A bankruptcy attorney can help you take advantage of certain asset exemptions and protections so that you are able to hold onto your belongings. They could also help you plan for the future so that you are able to create a better financial situation once your debts have been discharged. When it comes to your credit, there are many credit rebuilding options available that can help you prepare for the future.
So, as you can see, for many people, bankruptcy is the perfect opportunity to get a better handle of your finances for a brighter future.
FAQ:
Will I be able to buy a house after bankruptcy?
Yes, as long as you follow the requirements for your bankruptcy case and make wise financial decisions, you could be eligible to purchase a home within 2 years.
Will my neighbors know I filed for bankruptcy?
Although bankruptcy is a public record, making it accessible to anyone, very few people are going to actively seek out this information.
Watertown’s Top Compassionate Bankruptcy Attorney
Asset loss bankruptcy in NY, can feel very scary, especially if you are listening to the bankruptcy myths in Watertown, NY. At Grady BK, PLLC, we strive to provide our clients with the personalized representation they need so that they can proceed with confidence and clarity. We treat each of our clients as though they are our only client, ensuring you get the one-on-one attention you need.
At Grady BK, PLLC, we can help you determine the best type of bankruptcy for your situation before you begin the process of filing for bankruptcy. We are also available every step of the way if you have any questions or concerns.
Contact us today at 315-299-9005 to discuss your financial situation with a Watertown bankruptcy attorney. Our team at Grady BK, PLLC, is here to help you, whether you are filing for Chapter 7 or Chapter 13 bankruptcy.
