Idaho Bankruptcy Myths

Get Accurate Idaho Bankruptcy Information – Debunking Bankruptcy Myths

There are many Idaho bankruptcy myths. Getting accurate information can greatly affect a person’s decision on whether they should declare bankruptcy. When considering bankruptcy, it is best to get accurate information on bankruptcy from a professional who has the legal expertise to answer all of your questions. At Weekes Law, we have the knowledge you will need to fully discuss your options and dealing with foreclosure, collection calls, repossessions, wage garnishments, and other debt issues helping you determine if it’s right for you to declare bankruptcy Idaho. Below we briefly answer some the common myths relating to bankruptcy.

My credit will be ruined for 10 years

While bankruptcy can be reported to credit bureaus for up to 10 years, your credit rating will begin to improve as you re-establish your credit. After filing your case you will normally begin to receive credit card, car loan and other credit offers. As you interact with credit again and show a record of timely payments, your credit score will improve. Your credit score can increase rapidly after a chapter 7 bankruptcy. Many of our clients have improved their credit score to 700 or above within 12 months after filing.

All my debts can be eliminated through bankruptcy

Although you can discharge most debts, some debt will not be discharged through bankruptcy. These limited non-dischargeable debts include taxes, alimony, child support payments and student loans.

Filing bankruptcy is unethical or dishonest

The Constitution of the United States and federal law establishes bankruptcy courts and bankruptcy law. The right to declare bankruptcy is an unwritten provision of every contract entered into in the United States. This myth is frequently perpetuated by business debt collectors, many of whom have or will declare bankruptcy themselves. In fact, bankruptcy encourages taking financial risks, which is the foundation of capitalism, entrepreneurialism and the American dream. Read more in our blog article Why Is Bankruptcy A Constitutional Principal?

Bankruptcy is hard to get qualify for and get through

The questions is not whether you “qualify for bankruptcy”, but rather which chapter of bankruptcy applies to your situation. While it is very difficult to declare bankruptcy Utah and complete the process on your own, with the help of Weekes Law we make the process convenient and easy.

I won’t be able to get credit again

Not true. While you may pay higher interest rates for a period of time, it is common to get credit offers shortly after filing for bankruptcy.

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