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COMMON BANKRUPTCY MYTHS

DISPELLING MISCONCEPTIONS ABOUT BANKRUPTCY IN NEW YORK

Many people feel uncomfortable with the negative stigma of filing for bankruptcy. However, if you are like thousands of other Americans struggling with finances and debt, bankruptcy could significantly help you overcome your burdens and lead you to a path of financial freedom. At my firm, I strive to assist clients in overcoming this troubling time and I will use my experience and knowledge of the New York legal system and federal bankruptcy laws to assist you.

Below, you will find answers to some of the most common bankruptcy myths. If you are still seeking answers about a specific question, do not hesitate to contact me, Natasha Meruelo, Attorney at Law, as soon as possible.

BANKRUPTCY: FACT VS. FICTION

Filing for bankruptcy will ruin my credit
Not true! While filing for bankruptcy does stay on your credit score for a number of years (amount of time varies depending on what type of bankrutcy), bankruptcy can actually help you rebuild your credit. Bankruptcy can act as a clean slate, and you can start to open new credit cards and rebuild your finances, often as soon as your case is finished.

Everyone will know I filed for bankruptcy
Gone are the days of published bankruptcy in the newspapers. Only parties relevant toyour bankruptcy case need to know about your filing.

My spouse is filing, so I also have to file
No, you do not. If you choose to file separately from your spouse, you do not necessarily have to file for bankruptcy with him or her. However, there may be circumstances that make filing jointly the right choice for you. An attorney can help you go over your options.

I cannot save my home from foreclosure
Yes you can! By filing for Chapter 7 or Chapter 13 bankruptcy, you could stop the foreclosure process and regain control of your finances. To determine which chapter is right for you, contact my firm as soon as possible.

I will lose all my assets and property in bankruptcy
No, if you file an appropriate type of bankruptcy for your situation, you will not lose your assets or property. Due to bankruptcy exemptions, there are numerous assets and property that are considered exempt up to certain amounts– including equity in your home and your primary source of transportation. To determine whether your assets would be protected, you should contact my office for a consultation to discuss your case

Bankruptcy is shameful
Absolutely not! Bankruptcy can happen to anyone.So many situations that cause a person to consider bankruptcy are completely out of your hands. Thousands of Americans file each year. Bankruptcy is a way to help you rebuild your credit and gain financial control.

I have medical debt, I am not eligible for bankruptcy
Medical debts are one of many types of debts that can be discharged through bankruptcy. If you were involved in an accident, or had a sudden illness and incurred a lot of medical expenses, you may be able to discharge these debts through bankruptcy.

Ready to get started on dealing with stressful debts and gain a fresh start? Contact Natasha Meruelo, Attorney at Law today and schedule your free consultation!

"Natasha Meruelo, Esq., designated as a Federal Debt Relief Agent by an Act of Congress and the President of the United States, proudly assists consumers seeking relief under the US Bankruptcy Code. This is attorney advertising. Prior results do not guarantee a similar outcome."

Contact Natasha Meruelo, Attorney at Law

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