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Bankruptcy Myths

Common Misconceptions & Stigmas of Bankruptcy

Bankruptcy is one of the most popular methods for obtaining relief from insurmountable debt. Especially in recent economic times, bankruptcy has become a very viable option for consumers who have high-balance credit cards, overblown mortgage payments or other loans that simply cannot be paid in the form or fashion that creditors may require. Despite the fact that so many individuals are turning to bankruptcy, or at least considering it, there continues to be a vast array of myths related to this common legal procedure. An experienced lawyer can help separate the myth from the realities, and can also guide you through the debt relief process that best suits your needs and the situation you face.

One pervasive bankruptcy myth is that, in recent years, the federal government has made it virtually impossible to file for bankruptcy. This is not true, although new legislation does require that a means test be passed to achieve chapter 7 eligibility. All a means test will do is ensure that individuals who can afford to get out of their debt on their own, can do so. Bankruptcy then is reserved only for those who truly deserve it. Many individuals also believe they will lose everything in bankruptcy, which is not true either.

In fact, a chapter 7 bankruptcy allows individuals to declare exemptions on some property. The state of Arizona has distinct laws governing what property can be considered exempt from liquidation in the event of Chapter 7. It should be noted that only those who resided in Arizona at least two years prior to the date of filing will be entitled to the exemptions that the state of Arizona provides. Those who do not qualify for Arizona exemptions can qualify under federal exemptions listed in Bankruptcy Code § 522(d). For a complete list of Arizona bankruptcy exemptions, follow the link.

One of the major concerns of people faced with the possibility of bankruptcy is the fact that it will significantly harm their credit. It is true that a bankruptcy filing will stay on your credit history for up to ten years, but this does not mean that it will be impossible for you to obtain loans in the future. Before filing for bankruptcy, credit must already be significantly poor. Filing for bankruptcy shouldn’t worry you as to how it can harm your credit score. In fact, many people who start with a clean slate can rebuild their credit relatively quickly with good spending habits.

Get the truth about discharging debt!

There are a lot of myths surrounding the issue of bankruptcy filings, and it can be extremely difficult to keep track of them all without help. Price Law Group has been in practice for over 20 years, and has helped countless clients through the bankruptcy process and onto a better tomorrow. The firm has seen many satisfied clients keep their homes and other property as they shed insurmountable debt and regain control of their financial lives. An attorney from Price Law Group can help you determine which debt relief options are best for you, and exactly how best to proceed to reach the most favorable resolution possible.

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