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Call 859-581-5516 , toll free at 877-790-2233 or e-mail our bankruptcy lawyers to discuss your situation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

 

Covington Bankruptcy Protection Attorneys

 

Deciding whether or not to file bankruptcy is a major decision. If you have thought about filing for bankruptcy, perhaps you have done some research and consulted with family and friends about this important decision.

 

At the law firm of Michael E. Plummer & Associates, we have spoken to thousands of people about their debt relief options. We have found that many people have misconceptions about bankruptcy. Below are some common myths people have about the bankruptcy process and the facts about what bankruptcy can and cannot do for you.

Bankruptcy Information and Myths

Myth: I will lose everything of value that I own if I file for bankruptcy.

Fact: State and federal laws allow people filing for bankruptcy to exempt much of their property. Most people do not lose any property that they want to keep in a bankruptcy. Our lawyers will take a comprehensive review of your property to determine whether or not your property will be lost by filing for bankruptcy.

 

Myth: Bankruptcy will prevent me from ever getting credit again.

Fact: A bankruptcy filing will stay on your credit report for seven to 10 years. However, upon your discharge, you will probably become a more attractive risk to some credit card companies, since you will not be able to file bankruptcy again for a period of time. Many clients report receiving credit card offers after their debts have been discharged. If you file Chapter 13, you will probably be able to borrow money or refinance your home during your bankruptcy.

 

Myth: Since the new law went into effect, it is now much harder to file bankruptcy.

Fact: In 2005, Congress did make significant changes to the bankruptcy laws. As a practical matter, any person with serious debt problems will still be able to file for bankruptcy. Depending on your income level, you may not be able to file for Chapter 7 bankruptcy, but you will still be able to file Chapter 13 bankruptcy.

 

Myth: Filing for bankruptcy represents a personal failing.

Fact: There is nothing immoral about filing for bankruptcy. The vast majority of people file bankruptcy due to factors outside of their control such as the loss of a job, a serious illness or a divorce.