Many people go through years of financial struggle before they even consider filing bankruptcy. By the time it even becomes an option, they may be on the verge of foreclosure of their homes, repossession of their vehicles, and may have even already endured years of creditor harassment. You do not have to wait until things get to this point before seeking the assistance of a bankruptcy attorney in Lawrence, KS.
One of the things that keep people from filing for bankruptcy is the type of debt that they have incurred. One common myth is that you need to be a certain amount in debt before you can file for bankruptcy. While filing bankruptcy is not recommended for a person that has a very small amount of debt, there is no real threshold that has been pre established.
Another reason that people do not want to file for bankruptcy is that they think that filing bankruptcy automatically deems them to be a bad person. Bad things happen to good people and most people do not incur debt with the express intention of not paying the bills. There may have been a sickness, injury or even a loss of income. These are things that are unintentional and that cannot be helped.
Another bankruptcy myth is that once you file bankruptcy, you can never get credit again. A bankruptcy attorney in Lawrence, KS will tell you that could not be further from the truth. While you may not be able to finance anything large immediately, most creditors will want to see what you have done for about a year after your bankruptcy is discharged.
You can start rebuilding your credit by getting a credit card with a small limit or even a secured credit card. There are many creditors who have programs geared specifically for those who have a recently discharged bankruptcy. While the interest rates with be higher initially, as you continue to build your credit profile, you will receive better offers with higher credit limits and lower interest rates.
Do not think of bankruptcy as your financial ending. In fact, it can lead to relief of your current situation and a brighter financial future.