When you are filing for bankruptcy, you might hear a lot of information from many sources and could be confused about which facts are true and which are not. Here are some common bankruptcy myths debunked.
Myth: Bankruptcy relief is no longer an option.
Although changes have been made, almost all previous types of relief bankruptcy offers are still available.
Myth: You can’t file bankruptcy if you are employed.
You will have to show that your income is less than the median income in your state, but having a job does not disqualify you from filing for bankruptcy.
Myth: You will lose everything you own if you file for bankruptcy.
If you have little to no assets to offer (which occurs in 95% of bankruptcy cases), then you will not have to worry about the bank or creditors taking away your personal items.
Myth: There’s a minimum amount of debt required to qualify for bankruptcy.
There is no minimum amount of debt needed to file for bankruptcy.
If you are overwhelmed by debt you are unable to pay off and are thinking about filing for bankruptcy, call an experienced attorney today to learn about your options and how to make the best decision that will lead you to financial freedom.
Contacting a Texas Bankruptcy Lawyer
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our Dallas law firm. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.