Tampa Bankruptcy Lawyers Shed Light on Chapter 7 Bankruptcy Myths

    NORCROSS, GA, August 14, 2012 /24-7PressRelease/ -- For those overwhelmed by debt, filing for Chapter 7 bankruptcy can provide a much-needed clean financial slate. Unfortunately, this important action is often delayed because of the many incorrect ideas which people have come to believe about bankruptcy. The Tampa bankruptcy attorneys at Clark & Washington wish to set the record straight by debunking some common myths concerning Chapter 7 bankruptcy.

Myth 1: You will not be able to qualify for Chapter 7.
According to legislation passed in 2005, anyone who intend to file for bankruptcy under Chapter 7 must first pass a means test comparing your income to the medium income in your state. You are automatically eligible if your income is less than the median. Even if , you may still be able to qualify if you can show that your disposable income is not enough to resolve your debts.

Myth 2: All of your assets will be lost.
It is true that your creditors may be able to repossess certain assets; however, the majority of your personal assets will be protected by bankruptcy exemption laws.

Myth 3: Your credit will be ruined beyond repair.
Although your bankruptcy will appear on your file, the damage will not be permanent. In fact, if you already had problems with your credit, filing for bankruptcy may actually help you work your way back to good credit faster, as Chapter 7 permits you to begin building your credit back up relatively quickly.

Myth 4: My current or future employment could be at risk.
By law, employers may not fire or refuse to hire an individual simply because they have filed for bankruptcy. Most likely, a potential employer will not even know about your bankruptcy unless you choose to share this information or if you authorize a background check.

There are several different beliefs people maintain regarding chapter 7 bankruptcy, and many of them are simply not true. In many situations, filing for chapter 7 bankruptcy is a smart choice that will help you start over with your finances. If you are in a difficult financial situation, do not wait to find the answers you need. Call Clark and Washington to schedule a free, no-obligation consultation with a Tampa bankruptcy lawyer. Learn more about Chapter 7 bankruptcy in Tampa at http://www.cw13fl.com.

About Clark & Washington

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information visit: http://www.cw13fl.com.

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