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Know the Myths. Learn the Common Misconceptions About Bankruptcy.

Common Bankruptcy Myths in Kissimmee

Guidance from Our Bankruptcy Law Firm

At Carmona Law, we help people find much-needed debt relief by guiding them through the bankruptcy process. When we initially meet with a client in a consultation, we will not only answer their questions to make them feel more knowledgeable and confident about the process, but we strive to debunk any bankruptcy myths that they have heard.

While bankruptcy isn't for everyone, for some of the individuals and married couples that walk through our doors, filing for bankruptcy can relieve stress, it can free up the family's disposable income, and it can give them the second chance they so desperately need.

We serve all counties in Florida, Puerto Rico and Colombia, you have nothing to lose by giving our office a call today.

Common Misconceptions About Bankruptcy

If you have heard rumors that are holding you back, our Kissimmee bankruptcy attorneys can set things straight so your decision is a completely informed one, and not based on fiction.

  1. Bankruptcy ruins your credit. While bankruptcy does stay on your credit for 10 years, it doesn't have to mean that your credit won't recover before then. When a debtor applies a few simply credit rebuilding steps, it is possible to achieve a fico score around 720 within two years of a bankruptcy discharge!
  2. People file for bankruptcy because they can't control their spending. Most people who file for bankruptcy do so for reasons beyond their control. Situations such as extended periods of unemployment, medical bills, accidents, illness, a sick child, and divorce are the predominating causes of bankruptcy.
  3. Chapter 7 discharges all debts. A Chapter 7 does discharge certain unsecured debts such as credit cards and medical debts, but not all debts are discharged in a Chapter 7. For instance, spousal support, child support, student loans, court-ordered fines, and victim restitution cannot be discharged in bankruptcy.
  4. People who file for bankruptcy should ban credit cards forever. Even if credit cards got you into the mess in the first place, credit cards are your best friend after filing for bankruptcy. One of the surest ways to rebuild your credit after a discharge is to acquire credit cards, to charge only a small amount, and pay them off in full every month.
  5. You can't file bankruptcy if you have a good job. The "means test" was designed to save Chapter 7 bankruptcy for low-income debtors who really need it. Those debtors who earn too much to qualify for a Chapter 7 will be diverted to filing a Chapter 13 instead. While the debtor makes payments over 3 to 5 years, the debtor pays all or a portion of their debts according to the amount of their debt and their ability to pay it back. The idea of a Chapter 13 is to make sense and encourage debtors to enter into an affordable repayment plan.

Contact a Florida Bankruptcy Lawyer Today - Free Evaluation

If you want to explore your bankruptcy options, the sooner you get started the better. We invite you to contact our bilingual law firm to meet with one of our attorneys in a free consultation. We would be happy to discuss the details of your case and advice you of all of your debt relief options.

What Sets Carmona Law Apart?

  • Proven results and affordable rates.

  • Free initial case consultations.

  • Competent and trusted legal team.

  • Established and reputable in the legal community.

Contact Us Today!

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