Bankruptcy is a viable option for many people who are struggling financially. There are many myths surrounding the process, however, causing misconceptions that can prevent people from getting the assistance they need. That’s why the bankruptcy attorneys at the Law Office of James B. Mallory III strive to give clients in Statesville, NC, the information they need to alleviate their debts.
Bankruptcy Attorney Debunks 3 Common Myths
1. All Debts Will Be Discharged
Whether you file for Chapter 7 or 13 bankruptcy, some debts can’t be discharged. For instance, child or spousal support, students loans, or any fraudulent debts typically are not eligible. What you can discharge includes credit card debt, loans, and medical bills.
2. Filing Bankruptcy Will Ravage Your Finances
While your credit rating will take a hit in the short term, filing for bankruptcy can save you from future financial insolvency. Even the negative aspects, such as less favorable terms and rates when applying for loans, will subside after some time has passed. Additionally, there are steps you can take towards rebuilding your credit, which will expedite the process.
3. It’s Better to Pay Off Debt
Although bankruptcy isn’t for everyone and every situation, it is the best option for some people. This is especially true if you’re unable to pay back money owed without getting yourself deeper into debt. If you’re unsure whether bankruptcy will work for you, consult with a bankruptcy attorney to learn more about your options.
If you’re seeking help with managing debt, the Law Office of James B. Mallory III will provide the guidance you need. With nearly three decades of experience, attorney Mallory will evaluate your financial circumstances, determine the best way to process, and walk you through the entire process. Schedule a consultation with the bankruptcy attorney by calling (704) 872-1911 today. For more information on the full range of services offered, visit the practice’s website.