Dispelling Bankruptcy Myths
At the Law Office of Stephen Ross in Pottstown, we hear misconceptions about bankruptcy from nearly every client we speak with each day. Bankruptcy can be a complex and confusing process, but with the right lawyer, all of your concerns and questions should be answered in full. Our Pennsylvania bankruptcy attorneys want you to be informed. We answer some of your most pressing questions on this and further on our FAQs About Bankruptcy page.
Bankruptcy is Not a Last Resort
It is a federal consumer protection right with options to discharge debt, modify debt payments, protect assets and help consumers get a fresh financial start.
Bankruptcy Remains Private
Your bankruptcy will not be publicized in the newspaper. Only corporate bankruptcy filers are listed in the newspaper. The
privacy of personal bankruptcy filers is protected.
Only a credit check will reveal your bankruptcy. It is your decision to let anyone else know about your bankruptcy.
You Can Discharge Your Mortgage or Car Payments
Even though these are secured debts, it may be advantageous to declare
Chapter 7 bankruptcy if you do not intend to keep the property. If you face a situation where your property's worth is less than what you owe on it, you may benefit from liquidation and Chapter 7 protection.
In Chapter 13, you may be able to discharge second or third mortgages as unsecured debt, and we can help you negotiate for a modified auto loan.
Personal Loans Are Dischargeable Debt in Bankruptcy
A common misconception regarding
student loan debts involve personal loans "masked" as student loan debt. Personal loans can be used to pay for school, but they are considered dischargeable debt.
The Means Test Is Not the Only Determining Factor of Bankruptcy Qualification
It is primarily a calculation of your personal IRS information and the average income and cost of living in the county you reside. There are many other
factors that determine whether you qualify, which we should discuss.
Bankruptcy Preparation Services and Debt Consolidation Should Be Avoided
Preparation services and
consolidators can make these options sound good and less expensive, but they are truly exposing debtors to greater risks, potentially higher fees, far less legal protection and no advice related to your unique financial situation.
Protect Your Assets in Bankruptcy
State and federal exemptions protect your
important property in bankruptcy. We help you classify the value of your assets and determine whether to proceed under federal or state exemptions in your best interest.
Plymouth Meeting Credit Score Attorneys
Bankruptcy will not ruin your credit forever. In fact, bankruptcy will actually improve your credit score over time. Eliminating debt through bankruptcy increases your borrowing capacity by increasing discretionary income, and thus, raising your credit score.
Contact Our Pottstown Bankruptcy Attorneys Today
Our attorneys are ready to discuss your concerns and provide answers. Contact our Pennsylvania debt relief law firm today to learn more about what we can do to help you overcome your legal troubles at 610-323-5300 | 800-799-1948.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
