Three Surprising Things You Should Know about Bankruptcy

Think you know everything there is to know about bankruptcy?

If you have filed recently, that might be the case. However, if you are someone who has never considered bankruptcy but current financial struggles are getting to you, or you filed for bankruptcy many years ago and the money burden has once again reared its ugly head, there are a few things you need to know now before filing for bankruptcy.

1. There is No Shame in Filing

Even after bankruptcy has been used for years as a tool to help people get their finances back on track, filing for bankruptcy still comes with a stigma. There are efforts underway to eliminate this stigma, especially since filing can be such a smart choice, but so far the issue remains.

If you are considering bankruptcy but your feelings about what type of person you would be to file are stopping you, it’s time to get over it! These days, people from all walks of life file for bankruptcy. You should feel no shame in wanting to solve your financial struggles and get your life back in order. The stigma is in avoiding the problems, hiding from creditors, and not facing the facts – it’s time to fix your finances.

2. You Might Have the Option of Keeping Your Home

Owning a home is one of the biggest financial burdens a person can have, and depending on the twists and turns his or her life takes, home ownership could be what pushes you into bankruptcy. Luckily, you might not need to move out of your home in order to file. An attorney can help you make bankruptcy choices that permit you to maintain ownership of your home. And in this day and age when so many homeowners are underwater on their mortgage, the likelihood of your home not being included in your bankruptcy is even greater.

Furthermore, most states have homestead exemptions that allow you to keep your primary residence. Being forced out of your home is not a reason to avoid filing. The likelihood of losing your home is much greater if you do not file.

3. Bankruptcy is an Investment

Bankruptcy is not free and many people are surprised to learn they must pay to file. In some cases, filing for bankruptcy can cost you a few thousand dollars, so you are better off not waiting until the last desperate minute to take action.

If you feel as if you are sinking financially, now is the time to contact a bankruptcy attorney. He or she can help you assess your current situation and get a handle on where you are headed. This will give you some time to save up the money you need to file for bankruptcy before it is too late.

Want to learn more surprising facts about bankruptcy? Give the Law Offices of Robert M. Geller a call at 813.254.5696