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Bankruptcy Myths

White Plains Bankruptcy Lawyer

Bankruptcy can sometimes hold a bad name – many people feel uncomfortable with the idea of filing for bankruptcy and the negative stigma that it holds. If you are like thousands of other Americans, though, bankruptcy could significantly help you overcome your financial burdens and lead you to a path of monetary 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 commonly assumed bankruptcy myths. Of course, if you are still seeking answers about a specific question you may have, do not hesitate to contact me, Natasha Meruelo, Attorney at Law, as soon as possible.

Fact vs. Fiction

Filing for bankruptcy will ruin my credit.
No! While filing for bankruptcy does stay on your credit score for a few years, 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 debt as soon as you file.

Everyone will know that I have filed for bankruptcy.
Gone are the days of published bankruptcy in the newspapers – in fact, bankruptcy can be completely confidential. Only your attorney, the lenders involved in the bankruptcy and yourself need to know about your filing.

My spouse is filing, so I have to file, too.
No, you do not. If you choose to file separate from your spouse, you do not necessarily have to file for bankruptcy, too; however, if there are numerous accounts or properties held in both names, filing jointly may be right for you. An attorney can help!

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, you will not lose your assets or property. In fact, even in Chapter 7 bankruptcy (liquidation bankruptcy) there are numerous assets and property that are considered exempt – including your home and your primary source of transportation.

Bankruptcy is shameful.
Absolutely not! There are thousands of Americans that file for bankruptcy each year. Bankruptcy can happen to anyone – from the blue collar worker to the big business investor – and most situations are completely out of your hands. 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 the many types of debts that can be discharged through bankruptcy. If you were involved in an accident, or had a sudden illness that required financial funding on your behalf, you may be able to discharge these debts through bankruptcy.

Are you ready to get started on protecting your rights and freedoms? Contact Natasha Meruelo, Attorney at Law today and schedule your free consultation with my staff!

"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. Prior results do not guarantee a similar outcome, see attached- 342b and 527a/b."

Contact Natasha Meruelo, Attorney at Law

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