Top 3 Bankruptcy Lies

Have you fallen into the “he said”, “she said” Kenosha bankruptcy rumor hole? There is a lot of information about bankruptcy out there; however, you should only believe what you hear directly from a Kenosha bankruptcy attorney. The purpose of this post is to put those bankruptcy lies to rest. Below, we have listed what we feel are the top three Kenosha bankruptcy lies.

 

top 3 Kenosha bankruptcy liesDon’t Believe the Kenosha Bankruptcy Hype

Lie #1: If you file a Kenosha bankruptcy, you will lose everything you own. False.

If you are eligible to file a Chapter 7 bankruptcy, you will get to choose which secured debts you wish to keep, such as your home and vehicle. You will need to reaffirm the debt with your mortgage or vehicle lender. This means you are keeping the property and you agree to keep making the payments as promised per the original loan agreement.

If you are eligible to file a Chapter 13 bankruptcy, you will get the opportunity to catch up on your late payments and debts through a repayment plan. You will have a certain amount of time to do so depending on the repayment plan you submit. As long as you meet the terms of the Chapter 13 bankruptcy repayment plan, you will avoid foreclosure and repossession.

Lie #2: The Kenosha bankruptcy laws have changed and no one qualifies for bankruptcy anymore. This is absolutely not true.

If you are an honest person who has fallen into financial debt, there are bankruptcy options for you. Years ago, the bankruptcy laws were changed so that many people with disposable income would only qualify for a Chapter 13 bankruptcy. This was because creditors receive some form of payment from the debtor through the Chapter 13 bankruptcy repayment plan.

Although some changes to the bankruptcy laws were made, numerous individuals and couples still qualify for a Chapter 7 bankruptcy. Do not despair. If, after paying your monthly bills, you have little to no money left, you most likely qualify for a Chapter 7 bankruptcy. Even if you do not qualify, there are other options available, including a Kenosha Chapter 13 Bankruptcy or non-bankruptcy options.

If you are struggling financially, you owe it to yourself to schedule a free Kenosha bankruptcy consultation to discover your options.

Lie #3: Bankruptcy is only a last resort and only for the extremely poor. This is far from the truth.

Many famous celebrities have filed bankruptcy, more than once. Burt Reynolds, Donald Trump, Kim Basinger, Larry King, Wayne Newton, Sinbad, Tia Carrere, Willie Nelson, Mike Tyson, and Stephen Baldwin, just to name a few, are all far from extremely poor. Filing bankruptcy can also help you restructure your financial affairs and protect personal and business assets before financial ruin develops.

Filing a Kenosha bankruptcy should not be a last resort. It would be much easier on those who qualify for bankruptcy if they would file sooner rather than later. Waiting only creates more stress, more robbing from Peter to pay Paul, more interest, more late fees, more letters from creditors, and more phone calls from creditors. This can be extremely stressful on both the debtor and the creditor. Filing a Kenosha bankruptcy sooner rather than later is a win-win for everyone.

 

Contact a Kenosha Bankruptcy Attorney

Please do not rely on information pertaining to a bankruptcy from anyone rather than an experienced Kenosha bankruptcy attorney. Contact Wynn at Law, LLC today if you are in a stressful financial situation. We offer a free initial consultation. You can reach our Kenosha bankruptcy office by phone at 262-725-0175 or via email on our Kenosha bankruptcy website’s contact page.

 

Kenosha Wisconsin bankruptcy attorney assessmentFind out if you qualify for bankruptcy.

 

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*The content and material on this web page is for informational purposes only and does not constitute legal advice.

Photo by Flickr Creative Commons Brian Smithson

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