If you?re considering filing Chapter 7 to deal with unmanageable debt, a skilled attorney can help you through the process. It can be difficult to deal with a complex financial situation that leads to bankruptcy. But filing Chapter 7 is not as difficult as some bankruptcy myths would have you believe.
Myth 1: You Don?t Need an Attorney to File Chapter 7
Although Chapter 7 is generally a shorter process than filing other types of bankruptcy, it still requires legal knowledge to successfully eliminate your debt. Common bankruptcy myths may lead you to believe that you don?t need an attorney.
But unless you?re intimately familiar with the federal bankruptcy filing process, legal documents, meeting and negotiating with creditors, addressing a judge in court, and more, you need an attorney. A skilled bankruptcy lawyer like Gregory J.?Wald?can assist you through the process.
Myth 2: It Is Expensive to File Chapter 7 Bankruptcy
The fact of the matter is, dealing with debt by making excessive payments or ignoring creditors can be even more expensive. When you deal with debt alone, you may face wage garnishments, tax penalties, and legal fees. When filing Chapter 7, you will have to pay a filing fee to the court, as well as attorney fees. But those fees are likely to be much lower than the penalties of ongoing debt. A skilled lawyer can help you through the process in a manner that wisely uses your time and resources.
Myth 3: Chapter 7 Will Ruin Your Credit Score
One of the most bankruptcy myths is that your credit score will go down dramatically when you file Chapter 7. Although it is true that a bankruptcy will not immediately benefit your credit score, it can help set you up to rebuild it in the long run.
Having excessive debt and missing payments can greatly damage your credit. In fact, many people see only a slight drop in their credit scores when they file Chapter 7. By working with a debt lawyer who can guide you through the process of filing bankruptcy, you can start to rebuild your score as quickly as possible.
Myth 4: Chapter 7 Takes a Long Time
In reality, Chapter 7 can be a quick and effective process to eliminate your debt. Many Chapter 7 bankruptcies can take between four and six months to complete. This is a brief amount of time compared to other types of bankruptcy or a lawsuit from a creditor, which can take years to complete.
Attorney Gregory J.?Wald?knows that clients want to quickly liquidate debt and start rebuilding credit. He can review your specific situation and help you understand how long it will take.
Myth 5: Filing for Chapter 7 Is Stressful
Although any bankruptcy can be complex, with the help of an attorney who frequently handles Chapter 7 bankruptcy, the process does not have to be stressful.
Bankruptcy myths often try to scare you into thinking the process is overwhelming. However, because so many people file bankruptcy, the court has a very clear process that is easily understandable.
Learn More About Bankruptcy Myths By Consulting a Bankruptcy Lawyer
When you?re swimming in debt and unsure of where to turn, you need an experienced bankruptcy lawyer. If you?re hoping to file Chapter 7, we can guide you through the process quickly and effectively. Call Gregory J.?Wald, Attorney at Law today at 952-921-5802 to find out what we can do for you.