Don’t let the ‘B-word’ scare you …

Late night TV personality John Oliver recently did a provocative piece on bankruptcy law on his HBO show "Last Week Tonight." His piece was far-reaching, but touched on the misguided notion that bankruptcy should be a source of shame and drove home the point that bankruptcy can be absolutely necessary and the intelligent choice to make.

There are a number of misconceptions about bankruptcy, and our beliefs about the issue are complex and sometimes driven more by emotion than fact. My top three misconceptions about bankruptcy are:

• Your credit score will be destroyed. 

FALSE: QUITE THE OPPOSITE. In almost all cases, credit scores rise after filing bankruptcy and going through the process.

• People who file for bankruptcy are irresponsible.

FALSE. The overwhelming majority of my clients are those who were dealing with tough life events including catastrophic illness and devastating losses. People who file bankruptcy honestly do it because of misfortune, not misdeeds.

• You are alone and up against much more powerful creditors. 
FALSE. On the contrary, bankruptcy law is the only legal situation where the power of the government is on YOUR side! YOU are the one who will be protected and safeguarded in the process and you have the weight of the U.S. Justice System behind you.

If you are facing tough choices and need to talk through your options, contact us. Our consultation is free and with more than three decades of experience in bankruptcy law, we can guide you through this process to a much brighter financial future.