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Law Office of Philip R. Boardman PC, Attorneys & Lawyers Bankruptcy, Hampton, VA

Bankruptcy Myths

Do not be swayed by myths - get the right answer!

There are a lot of myths and questions about bankruptcy and the process that surrounds it. While the word "bankruptcy" tends bring about feelings of anxiety and stress, it does not always have to be a fearful situation. When you work with a Hampton bankruptcy attorney from the Law Office of Philip R. Boardman, P.C., you will be receiving trusted information and legal guidance to assist you throughout the bankruptcy process and ensure that you file for the correct chapter of bankruptcy for your situation. At our firm, we are proud to provide 14 years of experience in helping our clients reach amicable resolutions for their cases, and we may be able to help you as well.

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Some common bankruptcy myths are easily debunked with the assistance of the Law Office of Philip R. Boardman, P.C. We have heard it all, and we know that this time can be stressful, but we are equipped to provide you with outstanding representation. Typical bankruptcy myths often include:

I have already filed for bankruptcy. I can't file again!
This is not true. In fact, all you have to wait is anywhere from two to eight years to file again, depending on the chapter you originally filed under and which chapter you are trying to file for now.

If I file for bankruptcy, I will lose everything!
Many people assume that they will lose their house, their car, their furniture and the clothes off their backs if they file for bankruptcy. False! There are very few actual cases in which a person files for bankruptcy and loses absolutely everything. During a free consultation, we will be able to determine if that even applies to you. Even if there is a chance of losing an item, you can always consider a Chapter 13 bankruptcy and pay the non-exempt equity to creditors over a period of time.

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Everyone will know that I have filed for bankruptcy.
No! Your file is public information, but newspapers no longer print bankruptcies. Although the file can be obtained, people have to go through an electronic case filing system.

My credit will be ruined forever if I file for bankruptcy.
While the impact of bankruptcy will stay on your file for a few years, your credit will be rebuilt in no more than two years if you follow the credit rebuilding program that we will enroll you in absolutely free of charge. In some cases, it takes less than two years to rebuild credit.

My spouse will have to file if I file.
Your spouse only files if the two of you choose to file together. One spouse may file without the other. In some cases, it is beneficial for both parties to enter into bankruptcy, particularly if they both have a lot of debt, but it is not necessary.

It is really difficult and complicated to file for bankruptcy.
No! When you work with an attorney from the Law Office of Philip R. Boardman, P.C., we will pull your credit reports and obtain a few documents from you such as paystubs and tax information. Our firm will prepare all paperwork for you. In most cases, all you will have to do is attend credit counseling courses and meet with creditors.

I will have to go to court and prove that I need to file for bankruptcy.
When you file for bankruptcy, you will not necessarily have to go to court. Bankruptcy is mostly an administrative process, and you will not have to litigate in front of a judge. After filing a case, you will need to attend one meeting with creditor at which the trustee will ask a list of questions. This is semi-formal, not as formal as court, and our clients are surprised to find that it is so easy. While some cases do require a court hearing, they are short and typically no more than five minutes in length.

Only "bad" people file for bankruptcy.
Life happens to us all. Wealthy, poor, businesses, stay-at-home parents, corporations and even banks have all filed for bankruptcy. Job loss, sickness, death, and lawsuits are all events that could happen to anyone and contribute to the need to file for bankruptcy. We have seen thousands of really good people have to file for bankruptcy over the years.

Bankruptcy will clear all of my debts.
While this is a hopeful myth, it is just that - a myth. There is a small list of items that are not completely discharged, such as taxes less than three years old, court-ordered support, student loans and court fines.

Retaining Representation

Are you ready to move forward with your case? Now is the time to act and ensure that you receive the representation that you deserve for the issues that you have at hand. Our firm is dedicated to the well-being of our clients and ensuring that their investments are protected and that they receive an amicable resolution for their bankruptcy case. At the Law Office of Philip R. Boardman, P.C., we understand that you may be feeling overwhelmed by this situation, but it is important that you contact our firm as soon as possible. We are ready to assist you in any way possible and provide you with outstanding services for your bankruptcy needs. Contact the Law Office of Philip R. Boardman, P.C. today and schedule your free case evaluation now!

The Law Office of Philip R. Boardman, P.C. - Hampton Bankruptcy Lawyers
Located at 2017 Cunningham Drive, Suite 210 Hampton, VA 23666. View Map
Phone: (757) 209-2167 | Local Phone: (757) 826-2200.