We often talk about how there are many bankruptcy myths that are believed by most people. There are likely a number of reasons why misinformation about bankruptcy is so prevalent. To be certain, there are things that lenders don’t want people to know about bankruptcy.
What Lenders Don’t Want You To Know
Lenders do not want you to know about your bankruptcy options or how bankruptcy can help you. Credit card companies, big banks, large lenders are all served by the public being misinformed about bankruptcy law, and even scared or ashamed of exploring bankruptcy as an option to get out of debt.
Lenders do not want you to know that:
- Bankruptcy is designed to eliminate debt.
- Millions of Americans have filed for bankruptcy.
- Bankruptcy offers many benefits and protections.
- If you file for bankruptcy, nobody is going to come take all of your stuff.
- In fact, most people who file get to keep most or all of their personal belongings and other assets.
- Filing for bankruptcy stops creditor harassment.
- Bankruptcy stops (at least temporarily) foreclosure and repossession.
- ERISA qualified retirement accounts are protected in bankruptcy―you will not lose your retirement savings if you file for bankruptcy protection.
- Your credit score is not ruined forever if you file for bankruptcy.
- Many people can get loans and lines of credit right out of bankruptcy.
- So long as all loan requirements are met, you can qualify for a home mortgage after bankruptcy.
How Bankruptcy Helps People
Lenders also don’t want people to know how much bankruptcy can help. Certainly filing for bankruptcy isn’t the solution for everyone, but for people who are struggling to pay back massive debt, especially medical or credit card debt, struggling to make ends meet, facing wage garnishment or lawsuits for unpaid debt, filing for bankruptcy may be the best financial decision.
Bankruptcy is designed to eliminate unsecured debt, including credit cards, medical debt, collection agency debts, personal loans, utility bills, past due rent, certain older tax debts, most civil court judgments (unless based on fraud), and other unsecured debts.
Learn More About What Lenders Don’t Want You To Know About Bankruptcy
To learn more about bankruptcy, how it helps people, and how filing will affect you personally, we invite you to meet with us for a free consultation.
All of us here at the Law Offices of Barbara B. Braziel want to help you get out from under the weight of financial stress and gain financial freedom. We invite you to read about the clients we’ve helped here.
Find out more about Bankruptcy in our guide: All About Bankruptcy
We proudly serve the people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.