Bankruptcy – whether it’s chapter 7 or chapter 13 – has a lot of negative connotations, and a lot of fears and myths surrounding it. But when you simply can’t pay your obligations with your current income, filing bankruptcy in Arizona is a legal, ethical, and dignified way to make a fresh start.
At The Zolman Law, we are Arizona’s premier debt relief firm. In this series of blog articles, we will help dispel the top 12 myths about bankruptcy.
Let’s look at the next set of myths:
Myth #4: I will never be able to get credit again
You will be able to get credit again very soon, but it will be at a very high interest rate. If you handle the credit responsibly, you will receive lower and lower rates. After 10 years a chapter 7 bankruptcy will fall off of your credit record completely, and a chapter 13 bankruptcy will fall off after 7 years.
Myth #5: My spouse and I both have to file bankruptcy  
Maybe, and maybe not. This may be complicated as Arizona is a community property state. If one spouse has a large amount of debt in his or her name only, he or she may file alone. However, if both spouses are listed on the majority of the debt it is wiser to file jointly, since the creditor can go after the full amount from the other partner if they don’t file for bankruptcy, too.  Due to the complicated nature of this issue, please contact a qualified bankruptcy attorney to discuss options.
Myth #6: Changes in the law have made it too hard to file for bankruptcy
While recent changes in the law have added a few more requirements for filing bankruptcy, it is not difficult to do so. Hiring an experienced bankruptcy attorney will help make the process even easier.
At The Zolman Law, we believe that your life shouldn’t be defined by debt. We have helped hundreds of people just like you find the relief they deserve from harassing bill collectors, paycheck garnishment, foreclosures proceedings, and – most importantly – the constant worry about money and what to do about your debts.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona file for bankruptcy or work through tough tax problems every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing debt. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.