Myth: Bankruptcy is not a responsible option for me.

Fact: Oftentimes bad things happen to good people. Sometimes job loss, disability, divorce, the expenses of caring for family members and the high cost of living can make it impossible for us to keep up with all our debt. And sometimes we just overborrow and can’t catch up even though we had every intention of paying it back. When creditors demand payment there are serious legal consequences. Running from or ignoring the problem is irresponsible and makes it worse. The responsible thing to do is to face the problem and fix it. Sometimes, bankruptcy may be your best option. The attorneys at Baaden & Hirschey, P.C., can help you figure out the best way to face and fix the issue.

Myth: If I file for bankruptcy I will lose my house, car or other possessions.

Fact: The United States Bankruptcy Code provides generous exemptions for your important personal assets including your home, vehicle(s), retirement and pension benefits, cash, jewelry, electronics, household items, savings, even cash and most of your other assets. Over 95% of bankruptcies filed by individuals are deemed “no asset” cases and you keep everything you own. At Baaden & Hirschey, P.C. we provide the expertise in protecting your assets when you get rid of your debt.

Myth: If I file for bankruptcy my credit will be ruined and it will take me forever to rebuild.

Fact: Let’s face it. If you are contemplating bankruptcy, your credit is likely already compromised. Nobody wants to have to file for bankruptcy but you must stop the bleeding before you can rebuild. Discharging your debts in bankruptcy will give you the fresh start you need to build a sound financial future. With careful planning and advice from the attorneys at Baaden & Hirschey, P.C. you can earn a good credit score again much faster than you may think.

Myth: Bankruptcy is a time-consuming and difficult process.

Fact: Bankruptcy is not a long and arduous process. Most often, the case is finalized within a few months. You disclose to your attorney all your assets and liabilities. Your attorney prepares a petition on your behalf and files it with the court. Approximately one month later, with your attorney by your side, you commonly go to court only one time for a brief meeting with a bankruptcy trustee. That meeting usually lasts less than five minutes. After a mandatory waiting period, the case is concluded.