Dispelling Top Bankruptcy Myths

In today’s economic climate, individuals and families are buried under more debt than ever before. Despite harassing phone calls and the difficulty of staying current with their payments, debtors are still afraid to seek the debt relief they deserve. Why? Because taking responsible action. However, working with a St. Petersburg bankruptcy attorney can help dispel your fears and show you why a bankruptcy could be the best solution for you.

Top Misconceptions About Bankruptcy

The myths and misconceptions surrounding bankruptcy are nothing new. Whether they’re about the process or about any downfalls, misconceptions needlessly scare people away from this opportunity. Here is what you need to know:

· Your personal property. Many people are scared about losing their assets during the bankruptcy process. However, there are exemptions for your house and other assets during the process. This ensures that your personal and financial belongings are safe from creditors.
· You financial future. Whether you discharge your debts or reorganize them, this is the chance for you to re-establish your financial footing. Furthermore, any damage to your credit is not permanent and can be easily restored.
· Taxes. Do you owe back taxes to the IRS? While not all taxes are dischargeable, your bankruptcy attorney can help you determine which taxes can be eliminated. Generally, income taxes older than three years can be eliminated depending on your circumstances.
· Marriage. If you’re married, your spouse doesn’t have to file jointly as well. Your bankruptcy attorney will help you file a personal bankruptcy to protect the financial identity of your spouse. A specialist can help guide you through the process.

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