In my bankruptcy alphabet, “A” is for Assume.
Clients assume all kinds of things about bankruptcy, most of them incorrect. Invariably, each assumption is more horrific than the truth.
- People assume that they lose everything in bankruptcy.
- They assume that the court controls their finances.
- They assume they have to justify filing bankruptcy.
- They assume they”ll never get credit again.
The list goes on. Each of the assumptions above is false.
Some assume that they can do it themselves as “bankruptcy is just filling out forms”. As a bankruptcy lawyer who winces at what untrained lawyers do in this field, that horrifies me. Too much is at stake to represent yourself.
Even assumptions based on bankruptcy before 2005 might once have been true, but aren’t true any longer.
If you’re having money troubles and bankruptcy seems too scary, move enough beyond your assumptions to consult a bankruptcy lawyer for Better information.
Today’s post was brought to you by the Letter A.
This exercise was suggested by my partner at Content Matters, Jay Fleischman.