Law Offices of Martin Seidler
One Elm Place, Suite 504
11107 Wurzbach Rd
San Antonio, TX 78230
The main reason why so many people are hesitant to file for bankruptcy is because they are uncertain about how it will affect their future. Because there are so many myths surrounding the bankruptcy process and how a bankruptcy will affect a person’s life, it’s best to speak with an experienced bankruptcy attorney who can tell you which myths are true and which are false. Hopefully after you have sorted out the truth about bankruptcy, you can objectively determine whether or not filing for bankruptcy is the best decision for you.
Here are some of the top bankruptcy myths:
Myth #1: My credit will be permanently ruined.
FALSE. It is very possible for you to rebuild your credit, even with a bankruptcy on your credit history. Although you may not be able to get credit for the first couple of years following your bankruptcy, it won’t be long until you can start rebuilding your credit and a solid financial foundation. Your credit score will actually increase after bankruptcy as credit card accounts will be reported as 0 balance included in bankruptcy rather than I-9 (charge off)
Myth #2: I will lose all of my property and assets.
Most people’s assets fall within the exempt category; that this, not subject to seizure by the bankruptcy trustee or creditors. If you want to keep collateral subject to secure debt, the debt will need to be paid either in a Chapter 7 or Chapter 13. An experienced and skilled San Antonio bankruptcy attorney like Martin Seidler may be able to help you find a way to keep your assets.
Myth #3: Only losers and deadbeats file for bankruptcy.
ABSOLUTELY FALSE. Many good, honest, hard-working people have filed for bankruptcy. Just because you have fallen on hard times does not make you a loser or a deadbeat. There are a number of valid reasons as to why even the most responsible people fall behind on their payments and suddenly find themselves struggling with mounting debt. If you are facing overwhelming debt, you should not be ashamed or embarrassed, but rather take this opportunity to get a handle on your financial situation so you can finally move forward toward a debt-free future.
Myth #4: My friends, neighbors, and employer will judge me.
Whether or not your friends and neighbors judge you is out of your control. If they are your true friends hopefully they will not judge you, but rather support you and help you get through this difficult time. As for your employer, he or she cannot fire you, demote you, or take any other type of retaliatory action against you without violating wrongful termination laws.
Furthermore, if you are worried about people finding out that you filed for bankruptcy, you can rest easy knowing that the bankruptcy court will not contact anyone, including your employer. Unless your employer or someone else conducts a background check, there is no way for them to find out about your bankruptcy unless you tell them.
To learn more about the truth about bankruptcy, contact San Antonio bankruptcy attorney Martin Seidler today!
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The LAW OFFICES OF MARTIN SEIDLER serves clients throughout South and Central Texas including Bexar, Comal, Wilson, Medina, Bandera, Uvalde, Kerr, Gillespie, Guadalupe, Kendall, Maverick, Webb, Lee, Travis, Llano, Real, Frio, Karnes, Kimble and Nueces counties and various cities including San Antonio, New Braunfels, San Marcos, Kyle, Buda, Austin, Bastrop, Menard, Llano, Marble Falls, Georgetown, Gonzales, Boerne, Floresville, Laredo Brackettville, Eagle Pass, Pearsall, Crystal City, Hondo, Uvalde, Del Rio, Burnet, Leakey, Rocksprings, Karnes City, Nixon, Comfort, Junction, Kerrville, Fredericksburg, Ingram, Hunt, Mason, Junction, Seguin, Johnson City, Giddings, and Corpus Christi.