Atlanta Bankruptcy Attorneys Debunk Chapter 7 Bankruptcy Myths

Atlanta bankruptcy law firm Clark & Washington separates fact from fiction when it comes to common false beliefs concerning chapter 7 bankruptcy.

2012-08-15

NORCROSS, GA, August 15, 2012 (Press-News.org) Filing for Chapter 7 bankruptcy can be a life-saving solution for those with out-of-control unsecured debt. However, many are hesitant to file due to some common misconceptions. The Atlanta bankruptcy attorneys at Clark & Washington hope to clear up some of these false notions by presenting the facts about Chapter 7 bankruptcy.

Myth 1: It is very difficult to qualify for Chapter 7.
In 2005, legislation was passed to require that those who file for Chapter 7 bankruptcy first pass a means test, which compares your income to the medium income in your state. If your income is less than the median, you are automatically eligible. If it is not, however, you can still qualify if you can demonstrate that your disposable income is insufficient to repay your debts.

Myth 2: You will lose all of your assets.
Though creditors may have the right to repossess certain assets, bankruptcy exemption laws will protect the majority of your personal assets.

Myth 3: Your credit will be irreparably ruined.
While your bankruptcy will appear on your file, its effects are not permanent. In fact, with Chapter 7 you can begin to build your credit back up relatively quickly. Because many who file already have some credit issues, in the long run, filing for bankruptcy can actually help you regain good credit.

Myth 4: I could risk losing my job or not getting future jobs.
It is illegal to fire or refuse to hire someone on the grounds that they have filed for bankruptcy. Furthermore, a potential employer is unlikely to know about your bankruptcy unless you either choose to tell them or authorize a background check.

Many myths have sprung up surrounding chapter 7 bankruptcy over the years, but the truth is, it is a prudent, practical choice in many situations. If you are considering filing for chapter 7 bankruptcy in Atlanta, there is no need to hesitate. Clark and Washington can answer your questions and guide you to a fresh financial start. Request a free, no-obligation consultation with an Atlanta bankruptcy lawyer at http://www.cw13.com.

About Clark & Washington

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information visit: http://www.cw13.com.

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Atlanta Bankruptcy Attorneys Debunk Chapter 7 Bankruptcy Myths

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