Once you have made the decision to file for bankruptcy and set up a meeting for New York bankruptcy attorney, it’s time to bust through some of the common myths associated with this practice of discharging your debts. One of the biggest misconceptions about bankruptcy is that it ruins your credit for the remainder of your life. This is not true.
Individuals who are behind on making their payments and feel as if they are buried in debt can benefit significantly from bankruptcy. Although it will have a short-term impact on your credit and ability to obtain lines of credit, this does not last forever.
Many people who file for bankruptcy choose to do so because they believe that it will help give them the fresh start they need to start all over again. Many of these individuals who have filed for bankruptcy and set up a more positive financial future have been able to put their life back together in a much more effective manner after they have spent several years repairing their credit. It is a myth to believe that bankruptcy will destroy your financial future permanently.
After filing for bankruptcy and going through the process, you may have to spend several years rebuilding your credit, but there are plenty of individuals who go on to recover financially and even receive mortgages and other loans in the future. Bankruptcy can be the important first step to achieveingthe goals you want.
Planning for it appropriately and meeting with the right New York bankruptcy attorney can help you move through this difficult process and avoid falling victims to some of the most common myths about filing for bankruptcy in the first place. Do not hesitate to get legal advice as soon as possible. Jayson Lutzky is a Bronx, NY bankruptcy lawyer offering consultations for those considering personal consultations. Mr. Lutzky has over 33 years of legal experience and can be reached at 718-514-6619. Visit www.MyNewYorkCityLawyer.com to learn more about the Bankruptcy Code.