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Common Bankruptcy Myths

There are a lot of bankruptcy myths that many people wrongly believe; as a result, they may be more hesitant to get the help they desperately need. The professionals at Lynch & Belch P.C. in Indianapolis can help shed some light on what is and is not true about bankruptcy, so you can get the assistance you need during this trying time. One myth that has permeated our culture is that only financially irresponsible people file for bankruptcy. This is simply not the case. Many people suffer financial setbacks due to unforeseen circumstances like a job loss or injury. Our attorneys have worked with people from all walks of life, and they have found that there is no single type that files.

It is also important to remember that bankruptcy is not an all-encompassing solution to your debts. It is certainly a powerful tool, but it should not be considered an immediate and ultimate answer to all your problems. Many individuals wrongly believe that they will lose everything once they file for bankruptcy. Laws have been set in place to allow you to hang on to a decent amount of your property. Numerous people also worry that declaring bankruptcy will ruin their credit forever. Although it does have an impact, it will only remain on your credit report for a certain amount of time. After that time has passed, you should be able to build your credit score back up by living a fiscally responsible lifestyle.

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Clearing Up Misinformation in the Indianapolis, Greenwood & Terre Haute Areas

If there are any lingering questions or concerns you have about this legal process, feel free to schedule a free consultation with one of our lawyers to talk them through. There are some great benefits of bankruptcy, and you should learn about them thoroughly. We have been helping people in the Indianapolis, Greenwood and Terre Haute areas since 1993, so get started today by calling 317-888-0006.