Consumer Bankruptcy Lawyer in Lexington, Kentucky
Before filing for bankruptcy, it is important to know as much about the process and about the governing laws as possible. For this reason, it is especially important to dispel any myths or misconceptions you may have about bankruptcy. At Laura Kincheloe, PLLC, I understand there is a lot of misinformation out there about bankruptcy law. I help my clients to learn the truth about bankruptcy, so they can make an informed decision about their financial future.
Contact my law office today at 866-716-7956 to speak with an experienced Kentucky consumer bankruptcy attorney.
Bankruptcy Myths: Fact vs. Fiction
At Laura Kincheloe, PLLC, I help people with all aspects of the bankruptcy process. I want you to know as much about this process as possible before making a decision. With that in mind, let's discuss a few bankruptcy myths:
- Myth #1: “The new laws make it impossible to file for bankruptcy.”
- The truth: The 2005 law changes do not keep anyone from filing for bankruptcy. There are simply a few more steps to the process, such as a means test and mandatory credit counseling.
- Myth #2: “They will take my house and my car if I file for Chapter 7 bankruptcy.”
- The truth: Most people who file for Chapter 7 bankruptcy do not lose any property at all.
- Myth #3: “I can't file for bankruptcy if I have a job.”
- The truth: Wage earners can file for bankruptcy, and reorganize, and often reduce, their debt through either Chapter 7 or Chapter 13 bankruptcy.
- Myth #4: “Bankruptcy is only for careless and irresponsible people.”
- The truth: Nearly all bankruptcies can be traced to an unfortunate event in a person's life: A job loss, an illness, a divorce. Bankruptcy law exists to help people overcome events that are out of their control.
- Myth #5: “I must repay all of my debt with Chapter 13 bankruptcy.”
- The truth: Chapter 13 bankruptcy restructures your debt into a manageable payment plan. It also usually reduces the total amount of unsecured debt owed by as much as 100%.
- Myth #6: “Bankruptcy will ruin my credit.”
- The truth: Although bankruptcy will show up on your credit report, most people who file had very poor credit to begin with. Bankruptcy offers a chance to wipe the slate clean and start rebuilding credit.
As a consumer bankruptcy lawyer, I have helped numerous people avoid harsh creditor actions and put their debt problems behind them for good. I have been practicing law for over 15 years and am here to help you solve your debt problems for good.
Take the First Step to Debt Relief
If you are considering filing for bankruptcy, I am here to answer your questions and help you explore your legal options. Contact my law office toll free at 866-716-7956 or locally at 859-317-2109 to speak with an experienced consumer bankruptcy attorney. I offer all clients free initial consultations and keep regular office hours, but am available on select evenings and weekends by appointment.
*We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
