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For those considering bankruptcy, the process might seem confusing. And it certainly doesn't help that there are a multitude of misconceptions surrounding it, what it does and doesn’t do, and how it can impact your life and future. Below, Harry B. Zornow, a debt relief attorney in Hamilton, OH, debunks three common bankruptcy myths and sheds more light on this often-misunderstood process.

The Truth About Bankruptcy

1. Bankruptcy Will Destroy Your Credit for the Long-Run

The extent of the impact bankruptcy has is one of the most prevalent falsehoods surrounding this subject. Many people assume that filing for bankruptcy will ruin their credit scores, that they won’t be able to secure credit again, and that the shadow of filing will follow them to their graves. This is simply untrue. Yes, bankruptcy stays on credit reports for 10 years, and, yes, credit scores initially take a hit. But as long as you are proactive and take smart steps to start rebuilding your credit, there is no reason you can’t weather the initial credit-related challenges and emerge stronger on the other side.

2. Your Home Will Be Taken Away

bankruptcyIf your home is in foreclosure, it is possible you may lose it. That doesn't mean, however, that it's automatically going to happen. When filing for bankruptcy, the courts will issue a temporary stay on any foreclosures. Your attorney will then explore the various options to make keeping the property possible.

3. You'll Be Put on Trial

While appearing before a bankruptcy judge is a part of the discharge process, this isn’t the same as being "on trial." You won't be put in the witness box or grilled by lawyers, and past financial indiscretions will not become fodder for the courts. Instead, you’ll simply need to answer a few basic questions from the bankruptcy trustee.

If you’re looking for financial freedom, Harry B. Zornow in Hamilton, OH, is here to help. With over 30 years of experience, this attorney has the skills, hands-on experience, and legal expertise needed to garner a successful outcome in your case. Give him a call at (513) 737-9770 to schedule an initial consultation, and visit the firm online to learn more about the services they offer.

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