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The truth regarding common bankruptcy myths

What comes to mind when you hear the term bankruptcy? There are many aspects of bankruptcy as well as many different types of bankruptcy filings. Many people in the Tampa area, and elsewhere, have preconceived notions regarding bankruptcy. However, many of those beliefs are not completely accurate. In fact, some myths are entirely wrong.

One common bankruptcy myth, according to U.S. News and World Report, is that anyone who files for bankruptcy is financially irresponsible. Of course, this may be true for some people, but not everyone who has to file for bankruptcy is bad with his or her money. There are many other factors that can lead to bankruptcy. Including long-term unemployment, unexpected medical debt, or going through a divorce.

Another common myth is that once people file for bankruptcy all of their past debts will be discharged. Although some debt it discharged after filing, there are certain kinds of debt that are not forgiven, including spousal or child support, or any fines owed due to a criminal conviction.

Many people also believe that fling for bankruptcy destroys their credit forever. However, by applying for, and receiving, a secured credit card people can begin to rebuild their credit by making sensible purchases and timely payments.

Meanwhile, according to BankRate.com, another common misconception people have is the belief that once they have filed for Chapter 7 bankruptcy, everyone else will know about it. Typically, unless people are famous the only people who will know about their bankruptcy filing are their creditors.

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  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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