Bankruptcy Secrets Creditors Don’t Want You To Know
How much do you know about bankruptcy other than how confusing and intimidating it can be? Protect yourself, your family, and your assets by understanding certain bankruptcy secrets to make the best decision for you and your future. The more you know, the more confidence you will have with your financial decision to file or not file for bankruptcy.
Secret #1: Majority of People Get to Keep Their Property
The credit industry would have you believe that you lose everything you own if you file bankruptcy. However, according to The Bankruptcy Code, you can keep your assets and properties with certain limits on the value amount. That includes your home, vehicles, major appliances, retirement funds, and other essentials you need to have a fresh start.
Secret #2: Almost Anyone Can File for Bankruptcy
There is a common misconception that only broke people can file for bankruptcy. This is false as almost anyone or any company can file. The only requirement is that you have debt and a permanent residence or business in the United States. Up to your filing date, you can still be employed, have a bank account, and own property (with certain limitations) without the courts and creditors taking it all away.
Secret #3: There is Credit Available After Bankruptcy in North Carolina
As terrifying as it may be going into bankruptcy, it is not the end of the world. There is light at the end of the tunnel. At Hands Law, we will guide you through the bankruptcy process and help you obtain a fresh start. After your bankruptcy is complete, credit card offers will immediately become available to you again. On average it takes about 1 to 2 years after bankruptcy to be at a point where you will qualify for mortgages and loans at competitive interest rates.
Secret #4: You Can File for Bankruptcy Without Your Spouse
Although you can file for bankruptcy as a married couple, you are not required to. A person can file for bankruptcy to eliminate their individual debt without it affecting their spouse’s credit in any way. However, if both you and your spouse have joint debt, it’s advised to file together. If there is joint debt and only one spouse files for bankruptcy, then the other spouse will be left holding all of the debt.
Secret #5: Your Bankruptcy Will Not Affect Your Immigration Status
This is another misconception about bankruptcy in the United States. No law states your bankruptcy status will prevent your visa, green card, or US citizenship to be disapproved or be affected.
Please contact Hands Law Firm at (704) 459-7410. You can also complete this form to schedule a strategy session.