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Bankruptcy Myths That May Change Your Mind About This Option

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Bankruptcy Myths That May Change Your Mind About This Option

 When it comes to any stringent or important process in life, you will always find myths about that process. Unfortunately, widespread misunderstandings of some processes stop consumers from making the right decisions in many cases. This is never more true than in the case of bankruptcy. Bankruptcy is a very serious matter. It’s a process that can provide serious relief and can have serious implications. It’s also a process that seems to be the center of a lot of myths. These myths often times deter consumers from getting the relief they need and giving this option a shot. Here are the most commonly accepted myths that you shouldn’t fall for.

Bankruptcy Is An Incredibly Expensive Process – This is a complete myth. Although it’s not a free process, the average bankruptcy isn’t going to come with the ten thousand dollar price tag that many consumers have come to expect. Bankruptcy definitely isn’t a free process either. If you talk to any Houston bankruptcy attorney, or any bankruptcy attorney in your area, they’ll tell you that the average bankruptcy costs between $1,000 and $3,000. This is an incredibly small price to pay to alleviate consumers of tens or hundreds of thousands of dollars worth of debt and the hardships that come along with the burden. Bankruptcy definitely isn’t free, but it’s not incredibly expensive either.

It Takes 10 Years To Get A Loan After Bankruptcy – That’s definitely not true either. The truth is, there are lenders that will give loans to consumers directly after a bankruptcy. These loans will come with higher interest rates and stiff terms, but it is possible to get a loan. If you use a secured credit card to build credit after a bankruptcy, you may find that you are eligible for great lending offers in as little as 3 years. In some cases, the consumer’s credit score will never recover. However, that only happens when the consumer is irresponsible with their second chance. Talk to your bankruptcy lawyer in Houston to learn more about the process of improving your credit score after bankruptcy.

Bankruptcy Is A Horrible Thing – This one couldn’t be further from the truth! Bankruptcy is a great thing. Bankruptcy gives consumers and businesses in some cases, a second chance. It is a process that has helped millions of people from all walks of life finally regain financial freedom and build financial confidence. Bankruptcy can be abused as anything else can, but for the most part, the process has done nothing but good for our community.

Never take a stab at bankruptcy on your own. Just like you need a mechanic to fix a car, you should always have a great bankruptcy attorney on your side. Finding a good bankruptcy attorney in Houston is simple. Just do an online search for an attorney that has experience working with bankruptcies. When doing your search, make sure to read the reviews associated with the law office to see what types of experiences others have had with the attorney you’re thinking about working with.

Please visit our website for more information about us and bankruptcy.

Call us today at (713) 974-1151 to schedule a no-obligation consultation or feel free to email us at Consumerlaw@busby-lee.com.