The current recession has left many American families scrambling to make ends meet. If you are drowning in credit card debt or struggling to make your mortgage payments, bankruptcy may offer a solution to your problems. There are many misconceptions and myths. Before filing bankruptcy, many incorrectly fear they will be discriminated against or will never have credit again. This is not true.
You Will Not Be Discriminated Against
Although it may seem like declaring bankruptcy is a very public process, the truth is that few will find-out you have filed and you will not face discrimination. For example, your employer is not likely to find out about this action and cannot use bankruptcy filing against you in the workplace. Generally, aside from your bankruptcy lawyer or anyone directly involved in the process, no one else will know about your bankruptcy unless you decide to tell them. Student loan creditors also cannot discriminate if you file bankruptcy. Further, governmental units cannot discriminate against bankruptcy debtors in regards to employment and to licenses and permits.
You Can Still Use a Credit Card
Obtaining a secured credit card backed by a bank account or other assets is a feasible course of action following bankruptcy. In fact, obtaining a secured credit card can even help your financial situation. A secured credit card may allow you to shop online, carry fraud protection, and rebuild your credit by paying off the balance every month.
Your Credit Score Will Not Be Destroyed
Depending on the condition of your finances, bankruptcy can often improve your credit score by wiping away bad debts. Once the overdue balances are discharged, you can take steps to improve your financial history. Sapinski Law Office, S.C. routinely helps people re-build their credit score after bankruptcy. Many who follow our program find their credit to be better with bankruptcy (than if you had not filed).
If you are overwhelmed by your loans and creditors will not stop calling, it may be time to talk with a bankruptcy lawyer to discuss your options. Milwaukee residents should contact Sapinski Law Office, S.C. to schedule an appointment with our dedicated bankruptcy and loan modification team. Call (262) 782-9400 to schedule an appointment in the Milwaukee-Waukesha area.
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