Bankruptcy Myths Explained by Conroe Bankruptcy Attorney

For many who have never filed for bankruptcy, just the thought brings a mixture of feelings. Unfortunately, particularly in these difficult economic times more and more people are suffering hardships; many of these individuals would benefit from bankruptcy, but given certain myths about the process are dissuaded from proceeding. If you have questions about filing for bankruptcy, a Conroe bankruptcy attorney can help. However, some of the many myths about this valuable tool are debunked in what follows here.

Myth: Bankruptcy Is for the Irresponsible

A Conroe bankruptcy attorney hears this concern from clients sometimes. The truth of the matter is, however, that often hard times fall upon a person unexpectedly. One may become ill and need medical care that eats away at savings; a layoff might suddenly leave a family with little or no income. Even when a person simply finds himself in financial distress because of carelessness, the responsible thing is to get the matter settled legally through bankruptcy.

Myth: I Probably Can't File Anyway

Changes to the Bankruptcy Code in 2006 have led many to believe they aren't eligible to file. As your Conroe bankruptcy attorney can tell you, however, these changes largely affect only one type of bankruptcy, Chapter 7. Even in cases where a person isn't able to file for liquidation of debt, a Chapter 13 restructuring is usually possible.

Myth: I Filed Once, So I Can't File Again

Your Conroe bankruptcy attorney will advise you on whether you need to wait to file following a previous bankruptcy. However, there is no legal limit to the number of times a person can file in a lifetime.

Myth: The Bankruptcy Will Take Too Long

A Conroe bankruptcy attorney can give you a fair idea of how long your bankruptcy is likely to take, but most are completed in 3-4 months. For a Chapter 13 the repayment plan will mean that the bankruptcy will last longer in most cases; still, it may very well be worth your while.

If You Need Help, Call a Conroe bankruptcy attorney

If you have questions about filing for bankruptcy, speak with a Conroe bankruptcy attorney who can provide you with quality legal guidance procured from years of experience. Call Peterson Law Group today to arrange a consultation at 936-337-4681.