Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Misconceptions about Bankruptcy

Misconceptions about Bankruptcy

Bankruptcy protection is an advantage the government gives to American citizens. Although it is a common practice for individuals and businesses alike, there are still many misconceptions about it. A few of these misconceptions include:

1. Filing for bankruptcy means you have failed

Thousands of normal, hardworking people file for bankruptcy in the U.S. every year. In most cases, the need for bankruptcy arises because of a major change in their life, such as losing a job, getting a divorce, being diagnosed with a serious illness, or being in a serious accident. All of these situations take a major toll on a person’s finances, and there is little they can do to fight it. Bankruptcy protection gives many Americans a way to start fresh and get back to living a normal life without the weight of debt on your shoulders.

2. Everyone will find out you filed for bankruptcy

Bankruptcy filings are public record. However, unless you are a well-known or prestigious person, or the owner of a major corporation, usually the only people who find out about your bankruptcy are your creditors and anyone you decide to tell. Unless someone is looking up information on you specifically, there is a good chance no one will find out. Additionally, there are so many bankruptcy filings that newspapers are no longer able to keep up and publish them.

3. You will lose everything if you file for bankruptcy

A common misconception about bankruptcy is that it will result in you losing your home, your job, and everything you own. This is the major misconception that keeps most people who should file for bankruptcy from doing so. Most people who file for bankruptcy are able to keep of lot of their personal belongings. Bankruptcy laws have certain exemptions that protect various kinds of assets. In Alabama, protected assets include your insurance, personal property such as books, clothing, and family portraits, tools needed to do your job, and most of your earnings. You will also be able to keep your house and certain vehicles, as long as you stay up-to-date on your scheduled payments. As for your job, it is unethical and illegal for employers to discriminate against individuals who have filed for bankruptcy. This rule applies to your current as well as future employers.

4. Your finances and credit are ruined forever

On the contrary, for most people, bankruptcy protection is the first step toward rebuilding already poor credit. If you have a job that provides a steady income, and you can continue to make timely payments on your home, car, and any credit cards you have, your credit can be reestablished within a couple of years.

5. Bankruptcy is a bad thing

Filing for bankruptcy is not an easy thing to do, but if you are suffering, it can provide you the relief you need. You may think that filing for bankruptcy is weak and a bad thing, but this is not true. Bankruptcy is a means to give you a fresh start. You can use this protection to rebuild your life the way you intended it to be. It is a time to rebuild your credit, save for the future, and shake the burden of debt off your shoulders. It is an opportunity given to American citizens by the federal government, and those who need it should take advantage of it.

Contact a Birmingham Bankruptcy Lawyer

If you are looking to file for bankruptcy, contact a bankruptcy lawyer. At Greenway Bankruptcy Law, LLC, our attorneys are devoted to helping citizens through the filing process, and making sure their assets and rights are fully protected. To discuss the details of your case with one of our compassionate lawyers, contact our office at (205) 324-4000 today!

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
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"I would just like to say that I was impressed by the staff of Greenway Bankruptcy Law, LLC and their attention to professionalism. They made the bankruptcy process not only pleasant but simple."
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I can't tell how comforting it is to know your attorney is working on your case. I would and have recommended their service to friend and associates."Ed H.
"I would like to thank Greenway Bankruptcy Law, LLC for the way in which they handled my bankruptcy case."
Robert M.
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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000