Many hesitate to seek help when they are overwhelmed by debt simply because they have heard myths about Massachusetts Bankruptcy Filings. Before you decide whether or not filing for bankruptcy is the right option for you, you need to learn the truth. Only when you have valid information can you make an informed decision as to whether or not bankruptcy is right for you.
Everyone will know I opted to file for bankruptcy. Although bankruptcies do go into the public record, most people won’t know that you ever filed for bankruptcy. If someone wanted to know if you did so, they would have to know how to search for this information and where to find it. Most people aren’t familiar with this. Those that are probably won’t go searching this information out.
I will never be able to make a major purchase again. This is also a myth. Once you file for bankruptcy, your credit will begin to build. You’ll find that you can improve your credit score over time by maintaining a steady job and saving money. This won’t happen overnight, but there will come a time when you can once again go out and buy a house or a brand new car without difficulty. In fact, when you discharge your debt, you’ll be in a better position to pay the bills so creditors are once again willing to work with you.
The court will take everything I own to pay my debts. You don’t lose all of your assets in a bankruptcy filing. There are exemptions for various types of property, and an experienced attorney can explain these exemptions to you. These exemptions tend to be very generous also. You may find you lose nothing by going this route or the court only takes minimal items, ones you can actually live without easily.
Learn more about Massachusetts Bankruptcy Filings. This may be the option you’ve been searching for to obtain debt relief. The best way to learn if this is the solution for you is to speak to an attorney who specializes in this type of filing. He or she can provide you with fair and accurate information that directly applies to your situation.