Dispelling the Myths of Georgia Debt Relief

Bankruptcy is a government-provided program designed to offer individuals debt relief. However, many people have negative connotations about debt, or they do not have a good grasp of the myths and facts of bankruptcy.

If you are afraid to file for bankruptcy because of the negative things you've heard about it, it is important to contact an experienced Cumming bankruptcy myths attorney who can explain the facts. I am Marcus A. Rosin, P.C., and that is exactly what I offer individuals who contact me. I help individuals throughout Cumming and surrounding communities understand the facts and fictions of filing bankruptcy:

Fact: Even good people struggle with debt. Bankruptcy is a good and legal way to effectively eliminate or restructure your debt.

• Myth: I will lose everything when I file. That is incorrect. The bankruptcy laws allow almost all individuals who file for a Chapter 7 or Chapter 13 bankruptcy to keep their home, cars, jewelry, furniture, clothes and other household items.
• Myth: Filing for bankruptcy will ruin my credit. That is incorrect. The reality is that if you're thinking about filing for bankruptcy, your credit score is probably already fairly low and you are currently unable to obtain credit from lenders and credit card companies. The sooner you file bankruptcy, the sooner you'll be able to begin repairing your credit, and increasing your credit score will allow you to obtain home loans, car loans and credit cards in the future. In fact, you can expect your credit scores to increase soon after receiving a discharge because you will owe your creditors less money.
• Myth: I won't be able to buy a house or car after filing bankruptcy. That is incorrect. Many people receive car loan and credit card offers within weeks after a bankruptcy discharge. After filing and receiving your bankruptcy discharge, home and car lenders, as well as credit card companies, consider you more credit worthy because you owe less debt.
• Myth: Since I have a job I can't file for bankruptcy. That is incorrect. The bankruptcy laws allow you to have income when you file. A Chapter 7 filing is an option for individuals whose income is below the median household income for your particular family size. For individuals whose income is above the median household income, you may still have the option to file a Chapter 7 after completing a "Means Test". If the "Means Test" does not allow you to file a Chapter 7, then a Chapter 13 will be an option.
• Myth: I won't be able to keep my retirement assets. That is incorrect. The bankruptcy laws allow debtors to keep retirements assets like 401K accounts and IRA accounts.
• Myth: I am married and have to file with my spouse. That is incorrect. If you are married you do not have to file with your spouse, but your spouse's income will be considered in determining the median household income for your particular family size.Bankruptcy is an effective program for people just like you who are struggling with debt. Learn more about the debt relief you have been waiting for by scheduling your free initial consultation with an experienced lawyer. I can be reached online or by calling (678) 208-0339.