Jacksonville, Florida Bankruptcy Attorney Tackles Bankruptcy Myths

The jump in Jacksonville, Florida bankruptcy filings means there are more individuals and businesses than ever seeking protection from their debt burden through the Florida bankruptcy courts. But bankruptcy still has a certain stigma attached to it, and many of the myths surrounding it may be keeping you from making a good financial decision:

Bankruptcy Myth #1: I will lose everything. Unfortunately, many Jacksonville residents who should file bankruptcy do not do so because of this myth. Every state, including Florida, has property exemptions that protect certain assets like your house or your car, retirement plan funds, and personal effects like clothing and household goods. Many Jacksonville bankruptcy filers have been able to keep what they have as long as they make payments under a court-ordered plan.

Bankruptcy Myth #2: My credit will be ruined forever. This is definitely not true. While you may be charged higher interest rates for a time after filing Florida bankruptcy, there are lenders out there that will extend credit to you. And if you have any credit cards with a zero balance, you will be able to keep those after filing bankruptcy.

Bankruptcy Myth #3: Everyone will think I am a deadbeat. Most people will never even know you have filed for bankruptcy in Jacksonville, unless you are a well-known figure or a major corporation. Thousands of Florida residents who have been negatively impacted by the economy – often through no fault of their own – file for bankruptcy protection every year. Bankruptcy is an important protection tool provided by law to help Americans and should never be considered as a cause for shame.

There are many other bankruptcy myths that cloud good financial decision-making. To help you clear up the confusion, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | Permalink | Email This Post | Comments (0)

Posted In: Common Bankruptcy Concerns