North Little Rock Bankruptcy Attorneys
People often procrastinate filing bankruptcy or explore potentially hazardous alternatives simply because they have been misinformed about how bankruptcy really works. At the Pray Law Firm in North Little Rock, Arkansas, our lawyers have helped thousands of people overcome unmanageable debt through bankruptcy. We are well aware of the myths that persist, and we are more than happy to expose them with a healthy dose of reality.
Bankruptcy Myth #1: I Will Lose All My Property
When people ask us "What can I keep?", they are often surprised when we tell them they can keep everything. They have heard that they will have to give up their house, their car, their retirement accounts and the clothes on their back. In our years of experience, we have seen very few people walk away from bankruptcy losing anything more than their debt.
Bankruptcy Myth #2: My Credit Will Be Ruined Forever
If you have fallen so far behind that you are considering bankruptcy, chances are slim that your credit score is good. If it is, it may not stay that way. While bankruptcy may lead to a credit score drop, recovering from bankruptcy is not the challenge that many believe it is. Eliminating debt is actually the first step to rebuilding damaged credit.
Bankruptcy Myth #3: I Do Not Qualify for Bankruptcy
A few years ago, changes were made to the bankruptcy law. Many people misinterpreted these changes, thinking that they made it impossible to file bankruptcy. In reality, if you are faced with unmanageable debt, it is likely that you qualify for either Chapter 7 bankruptcy or Chapter 13 bankruptcy. You can get out of debt and our lawyers can help.
Contact Us for a Free Consultation
To learn more about the reality behind the bankruptcy myths you have heard, call 501-588-7044, or contact us by e-mail.
