Bankruptcy Myths

Dispelling Common Bankruptcy Myths as Part of Your Pennsylvania Bankruptcy Case

Giving you the clear, informative legal counsel you need to find an appropriate legal solution

In an area of law as complex as Bankruptcy, it’s no surprise that there are several myths that make it difficult to understand the associated processes and repercussions. However, knowing the facts is essential to making the right decision for your unique situation.

Below, you’ll find many of the most common Bankruptcy myths as well as the truth regarding each to help you better navigate the Bankruptcy process with the assistance of a professional from Adelstein & Kaliner, LLC.

Myth 1: You can’t get credit after filing for Bankruptcy

Although filing for Bankruptcy will initially impact your credit, many individuals experience improved credit soon after they file. Of course, as you discharge or repay your debts, you’ll be able to rebuild your credit.

The team at Adelstein & Kaliner, LLC can also provide guidance regarding which actions you should take to improve your credit.

Myth 2: You can fill out forms and file Bankruptcy without professional assistance

Unfortunately, Bankruptcy is a much more complicated matter than simply filling out forms and submitting them to the Court. Whether you’re looking to file Chapter 7 or Chapter 13 Bankruptcy, it’s important to remember that all forms are filed in Federal Court where they will be scrutinized by Trustees. This process also opens you up to potential litigation, leaving you in a compromising position.

By consulting a professional, you can get the advice and guidance necessary to ensure your Bankruptcy case is successful and that you’ll be able to get back on track financially.

Myth 3: You can’t own property after filing for Bankruptcy

You can own property both during and after filing for Bankruptcy. In fact, you are entitled to retain any property that is exempt from creditors’ claims, meaning that you’re often able to keep your home.

Of course, certain high value property, like a large inheritance, is something you aren’t often able to keep. Instead, it is given to the Trustee for disbursement to your creditors.

Each situation is extremely different, making it even more important to consult legal counsel in cases where your financial situation is getting out of control.

Contact Adelstein & Kaliner, LLC to discuss the details of your specific situation

Every Bankruptcy case is unlike any other, meaning that it’s important to discuss the details of your situation with experienced, compassionate professionals like those at Adelstein & Kaliner, LLC.

If you would like to discuss the details of your situation, please contact us at (215) 230-4250 or contact us online to schedule an in-person, no-obligation free consultation.

We look forward to providing the facts about Bankruptcy to ensure that you’re able to properly take control over your finances and your life.