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" bankruptcy because a trustee may sell some of your assets to pay off your creditors. However, Ohio has generous exemptions that allow you to keep most of your property. For example, you can typically keep your home, car, retirement accounts, and personal belongings.
Myth #3: Only Irresponsible People File for Bankruptcy
The truth is that anyone can experience financial hardship. Unexpected medical bills, job loss, divorce, and other life events can cause financial stress that is difficult to overcome. Filing for bankruptcy is not a sign of failure or irresponsibility. It's a legal tool that can help you get a fresh start and move forward with your life.
Myth #4: You Can Only File for Bankruptcy Once
While there are limitations on how often you can file for bankruptcy, it is possible to file for Chapter 7 bankruptcy more than once. However, there are certain requirements that must be met, such as waiting a certain number of years between filings. Your bankruptcy attorney can help you determine if you are eligible for another bankruptcy filing.
Myth #5: You'll Never Be Able to Get Credit Again
After bankruptcy, it may take some time to qualify for credit again. However, many lenders are willing to work with people who have filed for bankruptcy. You may be able to get a secured credit card, which requires a deposit but can help you rebuild your credit. Over time, you may be able to qualify for other types of credit, such as a car loan or mortgage.
We Hope You Understand Chapter 7 Bankruptcy In Ohio A Little Better!
If you're considering filing for Chapter 7 bankruptcy in Ohio, don't let myths and misconceptions hold you back. With the help of an experienced bankruptcy attorney from Kennedy, Purdy, Hoeffel & Gernert LLC, you can understand the process and make an informed decision. Bankruptcy is a powerful tool that can help you get a fresh start and regain control of your financial future. Contact us today to schedule a consultation and learn more about your options.
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