Give me Three Minutes and I’ll Explain Three Bankruptcy Myths that Keep Your Indebted

Many Floridians are good people who are facing tough financial times as a result of the economic down turn. Unfortunately, many Floridians are ill informed about bankruptcy and the fresh financial start that they are entitled to by law! These myths can keep you indebted:

Myth #1: Bankruptcy is going to destroy my credit for 10 years.

Answer: Bankruptcy filing may be on your credit report for ten years but it is not going to stop you from getting a credit card, buying an automobile or even buying a house.

The truth is that even a few months after bankruptcy you are going to be able to get what is called a secured credit card. Eventually you will be able to get an unsecured credit after you have made payments for about a year. Credit will be available to you sooner than you think.

Myth #2: I won’t be able to buy a home for at least ten years.

Answer: Wrong! Many lenders will loan to many within a couple years after your bankruptcy discharge. Bankruptcy is chance for you to rebuild your credit awareness and to reprove that you are a worthy lender.

Myth #3: I am going to lose all my cash in property, I will be out on the street!

Answer: Wrong again, bankruptcy protects your cash and property when you cannot repay the money you owe. Under the bankruptcy law, you can keep essential assets like your home while you discharge some or all of your debts.

Don’t let the myths that you hear on the street prevent you from getting the fresh financial start that you are entitled to as a matter of law. Make an informed decision, learn the facts! Consult Sunshine State Bankruptcy Law for a free no obligation visit to learn your right under the bankruptcy law so that you can get your fresh financial start.

One Response to “Give me Three Minutes and I’ll Explain Three Bankruptcy Myths that Keep Your Indebted”

  1. I apparently have REALLY bad credit. My lease is up at my apartment and I am looking to move. I put in an application for an apartment today and was denied because of my credit. I have never had a problem getting an apartment before, I have lived on my own in apt’s for 5 years and never paid rent late, never broken a lease, and never left damages. I make $36,000/year and could not get approved for a $650/month apt. I have been at my job for 6 years, and I am 24. Is this right? Should I keep looking? I don’t want to keep paying application fees if I am not going to get approved. I live in Houston.

Leave a Reply