One of the biggest mistakes I see people make with bankruptcy, as a bankruptcy lawyer Memphis TN trusts: waiting too long to file. Inaction is never a good idea, especially with bankruptcy. Short-term fixes are akin to putting a band-aid over a problem. Deep debt will not resolve itself.
The truth is, if you’re struggling with serious financial problems, you owe it to yourself and to your family to explore bankruptcy. There’s so much relief on the other side. Throughout my career as a bankruptcy lawyer Memphis TN relies on, I’ve watched so many families recover and rebuild. In fact, one of the greatest gifts of my career is the opportunity to play a small role in those families’ journeys.
Many of the fears about bankruptcy that hold people back are unfounded. Whether it’s the fear of destroying your credit or the fear of humiliation, numerous misconceptions surround the whole process. Read on to learn why you should let go of some of the most common fears.
Fear #1: Bankruptcy will hurt my credit score.
Yes, it’s true that bankruptcy will show up on your credit report. Your credit may take a hit in the short term, but only bankruptcy gives you a chance of rebuilding and getting an A rating in the long term.
If you’re filing for bankruptcy, or even just considering it, odds are your credit isn’t in top shape. Throughout my career as a bankruptcy lawyer Memphis TN has turned to, I can say with complete confidence that your credit will likely improve after bankruptcy. Think about it: once your debts are discharged, you won’t have to worry about late payments, delinquent balances, or court judgments.
Fear #2: There will be so much humiliation—friends and colleagues will judge me.
No one is going to call your employer and tell them about your bankruptcy. Apart from creditors and government agencies, who may receive formal notification, this is a confidential process.
If anything, you should expect compassion and sympathy rather than judgment and humiliation. Bankruptcy is much more common than many people realize. Some studies say that at least 1 in 10 Americans has experienced bankruptcy at some point in their lives. And even if someone hasn’t directly experienced it themselves, they only have reason to admire your courage. With bankruptcy, you are taking responsibility for your life and giving your family the best future possible.
Fear #3: I’ll lose my possessions.
This is another example of the misconceptions that drive people away from filing bankruptcy. In actuality, very few people lose their possessions in a bankruptcy. Bankruptcy has the power to stop repossession and foreclosure in their tracks. We can help you stop repossession before it happens.
Talk to a bankruptcy lawyer Memphis TN trusts today
We’ve helped thousands of families keep their property, provide for their families, and enjoy a rich, full life.
I know bankruptcy can be scary, regardless of the facts. It’s not a decision to take lightly. Even if you’re just considering it, we can give you the information you need to make an informed decision. Call (901) 327-2100 or contact us here for a free consultation.