Even after practicing bankruptcy for almost 20 years now, I am still amazed at the misconceptions the general public has about the bankruptcy process and how quickly you can recover financially. The three most common misconceptions about bankruptcy are:
- If you file for bankruptcy it will your credit and you will never have good credit again. While bankruptcy will initially lower your credit score, most of my clients are surprised to see that their score will actually increase within 12 months of their bankruptcy case being discharged.
- You'll Lose Everything In Bankruptcy. If you file for bankruptcy you can rest assured knowing you won’t be left out on the street with nothing to your name other than the clothes on your back. Most property in a bankruptcy filing is exempt and debtors rarely lose anything at all.
- You cannot file bankruptcy by yourself if you are married: The bankruptcy laws permit anyone to file for bankruptcy, whether individually or jointly. If you are married, you and your spouse must decide if a joint filing is necessary. If one spouse has more debt than the other, they can file individually.
Over the past 19 years, Saedi Law Group has grown to a mid-sized law firm focused exclusively on consumer and small business bankruptcy. Our goal is to continue to provide exceptional client service and provide our clients with the best options for dealing with their financial issues. We see bankruptcy law as a positive way to use the law to help people get back on their feet financially and build a new life.