Resolving Consumer Bankruptcy Misconceptions: Bankruptcy's True Benefits
Americans have many misconceptions regarding personal bankruptcy.

November 17, 2011 /24-7PressRelease/ -- Resolving Consumer Bankruptcy Misconceptions: Bankruptcy's True Benefits

The American economy continues to struggle and more Americans are taking advantage of consumer bankruptcy options. Jobs being cut from the market, lower home values, increased medical costs and dropping income levels have contributed to this painful recession.

People often associate certain stigmas with bankruptcy. These include that a person has poor money management skills or was living beyond their means. However, the former athlete who squandered millions is quite rare, and the reality is that bankruptcy can truly benefit individuals or families who have run into difficult times.

Misconceptions

Bankruptcy is a complex process comprising of complicated rules and regulations which frequently change. Each state has its own bankruptcy statute to compliment the one passed by Congress at the national level.

With how difficult it is to learn and master the bankruptcyprocess, it is no wonder why the general American population holds misconceptions:
-Losing Your Home/Possessions: National and state laws allow individuals or joint filers to exempt certain property from the bankruptcy estate, thus making it possible for many to keep their homes, cars and other cherished possessions

-I Don't Qualify: There are in-depth tests to determine your eligibility for different chapters of bankruptcy and nearly everyone who needs relief from creditors gets it after speaking with a qualified bankruptcy attorney

-Creditors Will Still Harass Me: Once you submit your bankruptcy petition an "automatic stay" is put in force which prohibits any creditor from contacting a debtor for any reason -- this is strictly enforced by the courts

Several other misconceptions prevent people from realizing the positives bankruptcy can bring, such as overestimating the difficultly of the process or feeling they will never be able to obtain credit after filing.

Benefits

The purpose of bankruptcy is to give financially troubled families and individuals a fresh start. With the help of an experienced bankruptcy attorney, the process can be smooth, simplified, and be completed within a few months.

The concerns listed above are easily forgotten as a person learns the benefits of bankruptcy. There is no reason why a sudden loss of a job, unexpected medical bills or other circumstances should follow someone their entire lives. With bankruptcy as an option, they won't be able to.

Anyone having questions or seeking advice about bankruptcy in Oregon should contact a qualified bankruptcy attorney as soon as possible.

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