{"id":13127,"date":"2022-02-24T18:57:59","date_gmt":"2022-02-24T18:57:59","guid":{"rendered":"https:\/\/fleysherlaw.com\/?p=13127"},"modified":"2023-02-22T13:00:15","modified_gmt":"2023-02-22T13:00:15","slug":"6-myths-about-personal-bankruptcy-and-foreclosure","status":"publish","type":"post","link":"https:\/\/fleysherlaw.com\/blog\/bankruptcy\/6-myths-about-personal-bankruptcy-and-foreclosure\/","title":{"rendered":"6 Myths About Personal Bankruptcy and Foreclosure"},"content":{"rendered":"\n

When you have found yourself in a financial dilemma and are faced with bankruptcy and foreclosure, you may be thinking this is the worst thing to ever happen to you. You need to remember not to listen to all the myths about personal bankruptcy and focus on the facts. People from all walks of life get in over their heads sometimes and need a financial reset. If you are facing bankruptcy or foreclosure, you should seek the guidance of a seasoned bankruptcy and foreclosure attorney<\/a> to help you understand what is happening and how to navigate your way through each process. Here we will debunk six of the most common myths about personal bankruptcy and foreclosure. <\/p>\n\n\n\n

Myth #1: You Will Lose All of Your Property<\/h2>\n\n\n\n

This may be the most common myth you will hear about personal bankruptcy and foreclosure. In the majority of cases, clients do not lose their property. Often, important assets will be protected from seizure due to the bankruptcy exemptions outlined in the U.S Bankruptcy Code. Our bankruptcy and foreclosure attorney<\/a> can help you understand this code and how it affects your particular case. <\/p>\n\n\n\n

Myth #2: Your Credit Will Suffer For 10 Years<\/h2>\n\n\n\n

Many debtors think that their credit will be hurt for at least ten years if they file for bankruptcy. This is not the case. The truth is that Chapter 7 Bankruptcy will stay on your credit report for ten years, but your score will be dependent on what you do after the bankruptcy filing. We have many clients whose credit score exceeds 700 within 6-8 months after their bankruptcy discharge. You can start rebuilding your credit as soon as your case is decided. This can include things like:<\/p>\n\n\n\n