Boston Bankruptcy Lawyer

Bankruptcy Myths

Bankruptcy is frequently misrepresented. Most people characterize it as some sort of punishment that will serve to ruin your credit and your financial future. Bankruptcy was actually created to assist people who can no longer manage the debt they have accumulated. The end goal of the process is to make a person's financial situation better, not worse.

Some common examples of bankruptcy myths are covered below:

• It is almost impossible to qualify for chapter 7 bankruptcy .

The bankruptcy process is more involved, and more expensive, than it was before it was amended in 2005 , but those in serious financial trouble are still very likely to qualify for filing chapter 7. It is crucial that you have legal counsel to manage the process, both to protect you and to assist you to get the most out of the process with regard to discharging your debt.

• Bankruptcy will ruin my credit.

Bankruptcy will affect your credit for a limited period of time. The truth is that it is likely your credit has already been seriously compromised if you are filing for bankruptcy. A foreclosure can damage credit much more than filing for bankruptcy. The process may actually serve to improve your credit score in the long run; as you will no longer owe the debt and your credit report will reflect this .

• If I file, I will lose everything I own.

Over 95% of all bankruptcies are "no asset," meaning the debtors are able to keep everything they own. If you utilize property exemptions in your bankruptcy, you may be able to protect most or all of your possessions from loss.

• Bankruptcy will prevent me from obtaining credit or loans for the rest of my life.

You may not be able to obtain credit right after your bankruptcy is completed. After a few months, however, it is likely that you will get offers for secured credit cards.

• Since I am filing bankruptcy, I can max out my credit cards and the debt will be discharged.

This is incorrect. Recent charges will not be included in the discharge of your debt. Never make decisions in this regard without first discussing it with a legal professional from my firm.

A Boston bankruptcy lawyer from my firm should be contacted before you make a decision. The process of filing for bankruptcy is complex and you deserve experienced and trusted legal counsel to help you determine if it is the right solution for your debt problems.

Bankruptcy Attorney in Boston

My name is Roushi Sahagen, and I work as a bankruptcy attorney for individuals throughout Boston and Quincy. Through my firm, Infinity Law Group, I have served my clients and protected their rights and interests throughout the process. If you would like more information about bankruptcy, contact my offices, and I can advise you with regard to your individual financial condition and bankruptcy.

Considering bankruptcy? Contact a Boston bankruptcy attorney who can provide you with facts and information about the process.