Truths And Myths Regarding The Bankruptcy Process

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What are some of the truths and myths regarding the bankruptcy process? Attorney Michael Ziegler explains that the most essential truth is that bankruptcy offers a pathway for consumers to control and often eliminate their debts that is incomparable to any other alternative.

The amount of debt that can be eliminated for a modest expense through bankruptcy is incomparable to debt consolidation or other debt negotiation alternatives.

The myth about bankruptcy is that the bankruptcy benefit of eliminating or reorganizing your debt comes without any sacrifice on the part of the consumer. Particularly in chapter seven cases, many consumers are of the impression that they get the benefit of the bankruptcy discharge without any commitment except for the filing fees. Chapter seven is a trade-off.

The bankruptcy benefit of the discharge is provided in exchange for agreeing to start over with limited assets. So sometimes consumers have to commit some of their assets in order to obtain the bankruptcy benefits.

Contact attorney Michael Ziegler in Florida for a free case evaluation today. He founded his law firm on the principles of professional quality and personal care.

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