If you declare bankruptcy, then you might think that you have simply mismanaged your finances. In reality, the vast majority of people have to declare bankruptcy simply because they ran into bad luck. The most common reason why people have to declare bankruptcy is due to unpaid medical bills. Most people do not have the money to cover unexpected expenses of this magnitude. Therefore, bankruptcy Is not unusual. When you are looking for a Rockville bankruptcy lawyer, it is important to be aware of some of the most common misconceptions that people have about bankruptcy. Then, you can place yourself in a position to be successful.
You Will Lose Everything
One of the most common misconceptions people have about bankruptcy is they think they are going to lose everything. This is not the case. The laws regarding bankruptcy in this country are on the side of the person filing for it. The goal of bankruptcy filing is to give people a fresh start. It is hard to get a fresh start if people have to liquidate everything. In the vast majority of cases, people who declare bankruptcy will be able to keep their house, one car, and some of their other possessions. In order to maximize the possessions you keep, it is important to work with a trained attorney.
You Will Discharge All of Your Debt
Another common misconception people have is that they think they are going to be able to discharge all of their debt. While there are some cases when people will be able to discharge the vast majority of their debt, there are some debts that are not dischargeable. For example, some student loan debt is not dischargeable. Of course, everyone wants to make sure that they discharge as much of their debt as possible. In order to make sure this happens, it is critical to work with a legal professional who has a tremendous amount of experience in this field.
Hire a Legal Guide
The process of filing for bankruptcy can be a stressful experience. On the other hand, there are lots of things that are going to immediately improve. The debt collection letters will cease. The phone calls will stop. You will be able to clean up your credit score and be given a fresh start. In order to make sure this process goes as smoothly as possible, it is a good idea to hire a lawyer. Remember that you do not have to go through this process by yourself.