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Common Myths About Bankruptcy

Honest advice from attorneys you can trust

If you are filing for bankruptcy or considering doing so, odds are you will likely have a lot of questions about bankruptcy and what it could mean for you and your family. This is especially true since most people filing for bankruptcy have never done so before.

You might ask a friend or family member for information about bankruptcy in South Carolina. You may even talk to an official from your bank or a loan company you owe money to and cannot pay due to your current financial situation.

Double-check the things you hear about bankruptcy. People want to help, but it's best to ask someone who knows. That's why our bankruptcy attorneys at Matthews & Megna want to meet with you and set the record straight.

Common myths

There are so many myths when it comes to bankruptcy in South Carolina. Some of the most common myths include:

  • All assets are subject to seizure if you file for bankruptcy - False. You will likely get to keep certain assets such as your home, car and clothes.
  • You can only file for bankruptcy if you are unemployed - False. People from many walks of life can file for bankruptcy.
  • You will not have to pay any of your debts if you file for bankruptcy - False. In many cases, you will still likely have to pay back certain debts, including student loans.
  • It's always better to pay off your debts instead of filing for bankruptcy - False. Many times, filing for bankruptcy is the best solution to your financial problems.
  • Your credit score will be ruined for life - False. You can rebuild your credit score after you file for bankruptcy.

Don't believe everything you hear about bankruptcy. Get the facts. Contact our law firm and talk to an experienced South Carolina bankruptcy attorney today.

Rely on us

Our knowledgeable legal team can explain exactly how the bankruptcy system works in South Carolina and what we can do to help. We can also explain the pros and cons of filing for Chapter 7 or Chapter 13 bankruptcy and which one works best for you.

Choosing to file for bankruptcy is a major decision that should not be taken lightly. Don't underestimate the complexity of your bankruptcy claim. Make sure you take your case seriously right from the start. Schedule an appointment at our law firm and learn more about all the legal options available for you.