Common Myths About Chapter 7 Bankruptcy in Ohio: Debunked By The Professionals At Gernert Law
If you're struggling with overwhelming debt in Ohio, filing for Chapter 7 bankruptcy may be a solution. Unfortunately, there are many myths and misconceptions about bankruptcy that prevent people from seeking the help they need. In this blog post from the professionals at Gernert Law , we'll debunk some common myths about Chapter 7 bankruptcy in Ohio and explain why it may be the right choice for you. Myth #1: Chapter 7 Bankruptcy Will Ruin Your Credit Forever While it's true that bankruptcy will stay on your credit report for up to ten years, the impact on your credit score can be temporary. In fact, many people who file for bankruptcy are able to rebuild their credit within a few years. By taking steps like paying bills on time, keeping your credit utilization low, and opening new credit accounts responsibly, you can begin to rebuild your credit score after bankruptcy. Myth #2: You'll Lose Everything You Own Chapter 7 bankruptcy is sometimes called "liquidation&q