Bankruptcy Myths

Finding reliable help from an experienced bankruptcy lawyer can be difficult, but not when you work with the attorneys at the DiTocco Law Group, PLLC. There are plenty of myths about filing for bankruptcy in Florida, and it usually requires the expertise of a bankruptcy law firm to help set the record straight.

Understanding how personal bankruptcy works is an important aspect of settling your debts and regaining control of your life. The amount of misinformation about bankruptcy is staggering, and many people have trouble sifting through the bad information for the good. A professional bankruptcy law firm in Fort Lauderdale can assist you in all facets of bankruptcy so that you can focus on how they can get your life back on the right track.

Bankruptcy Doesn’t Require You To Lose All Of Your Assets

Bankruptcy myths are rampant, and many people believe them as fact even though they are not true. Most imagine a bankruptcy as creditors swooping in and taking everything they own. While an individual may be required to sell assets in order to settle a debt, there are some things a creditor generally can’t touch, such as retirement funds and a Florida homestead. In fact, in most cases the bankruptcy debtor keeps all of their assets as long as they utilize the services of an experienced bankruptcy lawyer. At the DiTocco Law Group, PLLC, our Broward bankruptcy attorneys will explain to you the likely outcome of your case before it is ever filed.

Bankruptcy Is Not Caused By Poor Management

Another myth about bankruptcy is that it is caused by poor money management. While careless credit card spending or living above one’s means can certainly cause financial woes, more often than not bankruptcy comes about for reasons people can’t control:

  • Medical debt that comes about as a result of unexpected injury or illness is one of the primary reasons people in Fort Lauderdale declare bankruptcy.
  • People who lose their jobs may find that paying the bills is a struggle, and they find themselves in a hole too deep to climb out of.
  • Even at the high end, successful business owners may find themselves on the wrong side of a market correction and discover that they are personally responsible for large business debts.

When these events occur, a bankruptcy law firm in Fort Lauderdale can offer the advice and guidance you need to get things back on the right track.