Bankruptcy Myth 6: Filing Bankruptcy Means You’re a Bad Person

Over the years, I have learned that there is a lot of misinformation circulating about bankruptcy. Much of the information is good and gives fair description of how a bankruptcy filing may impact you. However, there is a lot of misinformation or simply untrue information about bankruptcy. The next several blogs will deal with a number of these myths people may read about filing bankruptcy.

Bankruptcy Myth 6: Filing Bankruptcy Means You’re a Bad Person.

FACT: Filing bankruptcy means you’re a good person, acting responsibly. Everyone wants to pay their bills. Everyone. And everyone wants to take care of their family and provide their family with all the things they need. Putting our family first and making the changes necessary to make sure we have a roof over our head, food on the table, and warm clothes to wear is the most responsible thing we can do.

You need to get over blaming yourself. Most of the people who file bankruptcy are good, honest, hard-working people, just like you and me, who file as a last resort after months or years of struggling to pay the bills. You’re completely wrong in thinking that you’re a deadbeat if you file bankruptcy. Filing bankruptcy is actually one of the most positive, responsible, honorable, and noble steps you can take on behalf of your family and your family’s future, happiness, and prosperity.

Bankruptcy Myth 5: You Will Never Get Credit Again

Over the years, I have learned that there is a lot of misinformation circulating about bankruptcy. Much of the information is good and gives fair description of how a bankruptcy filing may impact you. However, there is a lot of misinformation or simply untrue information about bankruptcy. If the next several blogs, will deal with a number of these myths people may read about filing bankruptcy.

Bankruptcy Myth 5: You Will Never Get Credit Again.

FACT: FILING BANKRUPTCY MAY BE THE BEST THING THAT EVER HAPPENS TO YOUR CREDIT. Filing bankruptcy gets rid of debts you can’t afford. Besides, having less debt to pay after a bankruptcy makes you look more attractive to banks, credit card companies, and other lenders. In my experience, unfortunately, it won’t be long before you’re getting credit card offers again.

Bankruptcy Myth 4: You Will Never Be Able To Own Anything Again

Over the years, I have learned that there is a lot of misinformation circulating about bankruptcy. Much of the information is good and gives fair description of how a bankruptcy filing may impact you. However, there is a lot of misinformation or simply untrue information about bankruptcy. If the next several blogs, I will deal with a number of these myths people may read about filing bankruptcy.

Bankruptcy Myth 4: You Will Never Be Able To Own Anything Again.

FACT: This is completely false. There are no laws prohibiting you from buying homes, cars, trucks, equipment, household goods, et cetera. Once you get what is called your ‘discharge in bankruptcy,’ many people, within 2 years after their bankruptcy case closes, have new cars, have bought houses, and have excellent credit.

To learn more about your options please contact The Pritchard Law Firm at (817) 285-8017 to set a free appointment to learn which option is best in your circumstance. Do not spend another sleepless night worrying about what you are going to do, contact The Pritchard Law Firm today and sleep better tonight.

David Pritchard
The Pritchard Law Firm
david@dlplegal.com

Bankruptcy Myth 3: You Will Lose Everything You Have

Over the years, I have learned that there is a lot of misinformation circulating about bankruptcy. Much of the information is good and gives fair description of how a bankruptcy filing may impact you. However, there is a lot of misinformation or simply untrue information about bankruptcy. If the next several blogs, I will deal with a number of these myths people may read about filing bankruptcy.

Bankruptcy Myth 3: You Will Lose Everything You Have.

FACT: Most chapter 7 filers don’t lose anything. In a chapter 13 we can catch up missed house and car payments over 60 months so you can keep your house and car. In every bankruptcy case, there are certain laws that allow you to keep the property you own. Very rarely does anyone lose property if their bankruptcy is prepared correctly.

To learn more about your options please contact The Pritchard Law Firm at (817) 285-8017 to set a free appointment to learn which option is best in your circumstance. Do not spend another sleepless night worrying about what you are going to do, contact The Pritchard Law Firm today and sleep better tonight.

Bankruptcy Myth 2: Everyone Will Know You Have Filed For Bankruptcy

FACT: Unless you’re famous, chances are very good that the only people who will know about a filing are your creditors and the people you tell. While it’s true that your bankruptcy is a matter of public record, unless someone is specifically trying to track down information on you, there is almost no chance that anyone will even know you filed.

To access the bankruptcy records you have to have access to the court records. To have access to these records, you must sign up and pay a fee to inspect the records.  So, your noisy neighbor is very unlikely to have the needed access.

To learn more about your options, please contact The Pritchard Law Firm at (817) 285-8017 to set a free appointment to learn which option is best in your circumstance.  Do not spend another sleepless night worrying about what you are going to do, contact The Pritchard Law Firm today and sleep better tonight.

Bankruptcy Myths

Over the years, I have learned that there is a lot of misinformation circulating about bankruptcy. Much of the information is good and gives fair description of how a bankruptcy filing may impact you. However, there is a lot of misinformation or simply untrue information about bankruptcy.  If the next several blogs, I will deal with a number of these myths people may read about filing bankruptcy.

Bankruptcy Myth 1: Bankruptcy Doesn’t Really Get Rid Of Debt.  Sooner Or Later, You Still Have To Pay It All Back. Right?

FACT: Bankruptcy lets you get rid of certain debts without paying for themwithout EVER having to pay for them.   When bankruptcy gets rid of debts…those debts are gone…FOREVER.  Getting rid of certain debts without you having to pay them back is simply how bankruptcy works.

To learn more about your options please contact The Pritchard Law Firm at (817) 285-8017 to set a free appointment to learn which option is best in your circumstance.  Do not spend another sleepless night worrying about what you are going to do, contact The Pritchard Law Firm today and sleep better tonight.

Options for Getting out of DEBT

Owing on balances you can’t afford is bad enough, so the last thing you need is a debt collector hounding you about it. Or filing a lawsuit that could result in garnishing your hard-earned pay.  And don’t think for one minute that they’ll cut you any slack. These folks are in it to win it, and they want to make as much money as they can.  Whether you have fallen behind because of a layoff, health issues, divorce, or even reduced income due to retirement, it doesn’t matter because the creditors will be coming after you to collect their money.

When you find yourself in the awful position of not being able to pay your bills, there are several things you could choose to do, but some of them simply do not help as much as you would like them to to.

OLD FASHIONED BUDGETING

If you have some income left over after you’ve paid all your basic monthly expenses, you might be able to dig yourself out of debt trouble. The path can be slow and arduous, but, with hard work and diligence, you can be successful. Be sure to prioritize your debts and expenses, listing those that are essential to pay—like the mortgage, utility bills, and child support—and those that might be less important, like department store charge cards or loans from family and friends. Budgeting is not usually an option if we have lost a large part or all of our income.

CREDIT COUNSELING

If what you really need is money management education or budget counseling, consider getting help from a credit counseling organization. These agencies can also suggest options for digging out of debt, provide housing counseling, and refer you to other agencies that provide specialized help. Some credit counseling agencies can contact your creditors to set up payment plans, or create a debt management plan.  If you do want help from a credit counseling agency, check out the company’s credentials first. Not all agencies are legitimate—some charge excessive fees, fail to perform promised services, or provide bad advice.  Also, many credit counseling debt management plans will negotiate a lower required monthly payment for you with your creditors, but if the creditor does not agree to waive the interest, you can actually owe more to that creditor than when you started.  Credit counseling debt repayment plans also will not include any loans on your house or car, so if you are behind in those payments, you will still have to work something out with that creditor.

DEBT SETTLEMENT

Debt settlement companies are for-profit companies that claim that they can eliminate consumers’ debts by negotiating settlements with creditors that are a mere fraction of the consumer’s outstanding debt.  Many of these companies accomplish little for consumers and charge hefty fees.

Many debt settlement companies make promises that they simply cannot keep and leave consumers in worse financial state then when they began.  These companies advise consumers to stop paying debts and, instead, to place money into savings account so that enough money will accumulate to allow a settlement offer to be made to any creditors.

However, most consumers who sign-up with the debt settlement companies find the companies’ promises are empty.   Creditors are under no obligation to settle for less money and often refuse to do so.  Consumers who follow the debt settlement companies’ advice to ignore collection efforts or refer those efforts to the debt settlement company usually continue to find themselves subject to creditors’ collection efforts, including lawsuits.  And the debt settlement companies’ saving plans are often extremely unrealistic, so that the promised negotiated settlements do not occur, but the the debt settlement companies still take their fees.

BANKRUPTCY

Bankruptcy is an affordable and surprisingly easy federal court remedy that frequently allows debtors to get rid of their debt and start over without paying anything back. Bankruptcies can generally be described as “liquidation” (Chapter 7) or “reorganization” (Chapter 13).

The biggest advantage to filing a bankruptcy is that you are in control and are forcing your creditors to accept what you propose in your case, whereas all of these other options the power is still with the creditor to say NO.  And eliminating the debt altogether is the best way to make sure you get a fresh start.

But what about all of the things you hear about filing bankruptcy?  Isn’t bankruptcy going to cause all kinds of bad things to happen to me, my stuff, and my credit?  Well, actually that is not true!  Bankruptcy is the one thing your creditors don’t want you to learn the truth about.  In fact, there are many myths about filing bankruptcy that are spread by your creditors to keep you from choosing that option.

To learn more about your options please contact The Pritchard Law Firm at (817) 285-8017 to set a free appointment to learn which option is best in your circumstance.  Do not spend another sleepless night worrying about what you are going to do, contact The Pritchard Law Firm today and sleep better tonight.

Today First Lesson on Blogging

This is a test blog.

et’s face it – the holiday season is spending season. This time of year can be rough on a person’s finances, especially for those who are considering filing for bankruptcy or who are in the process of recovering from bankruptcy. Fortunately, our firm has compiled a list of several things that a person can do to limit their expenses during the holiday season.

1. Host a “Secret Santa” gift exchange: Instead of purchasing gifts for everyone in your life this holiday, holding a “Secret Santa” gift exchange can be a great alternative. Everyone will still receive a gift, and you will save yourself a lot of money in the process.

2. Give homemade gifts: A hand-crafted gift can bring just as much holiday cheer as a store-bought item. If you are artistic, try making things for your loved ones such as paintings, crafts, poems, sketches, or even preparing them a meal.

3. Establish a budget: If you are purchasing gifts, make sure you determine your budget ahead of time and strictly stay within its limits. If you need to spend more on a gift for one person, make sure you spend an equal amount less on another. This takes tremendous discipline, but your finances will thank you for it once January rolls around.

4. Make a list, check it twice: Exchanging gifts with fewer people is one of the easiest ways to reduce your holiday expenses. Once you have established a small list of who you wish to exchange gifts with, adhere to this list and refrain from adding any more people. Limit your purchases to one gift per person.

5. Find the best price: Before you make a purchase, make sure you have shopped around and looked for the lowest price possible. Most retailers have “price match” policies where they will lower their price to a competitor’s offering in order to keep your business. Additionally, opting for lower-cost substitutes to name-brand goods can help cut costs.

6. Pay cash: Whenever possible, pay cash or use your debit card for holiday expenses. Charging items on credit cards can rack up your holiday debt extremely quickly. Store credit cards are notorious for their high interest rates and can make your holiday purchases end up costing way more than their initial purchase price. Paying with cash can eliminate this risk.

Contact The Pritchard Law Firm

Are you struggling to make ends meet this holiday season? At The Pritchard Law Firm, our award-winning Fort Worth bankruptcy lawyers can use their vast legal expertise to help you find a solution to your debt and guide through the process of filing for bankruptcy. With 45+ years of legal knowledge and several positive client testimonials, our firm has the skills and dedication you need to help you pursue a desirable outcome for your situation.

Contact our office online or call us today at (817) 285-8017.