R&H Busts Bankruptcy Myths on Fox 31
Bankruptcy Partner Liz German was featured on Denver's FOX31 alongside other colleagues to talk about debt resolution and bankruptcy. Liz took the time to dispel some of the common myths associated with bankruptcy and provide some legal insight into debt resolution.
Many People Think They’ll Lose Everything When Filing for Bankruptcy, Is This True?
“In most instances, you’re not going to be losing property such as houses and cars. However, there are state-specific laws protecting your assets, that’s why it's really important that you contact an attorney who represents individuals in this context to be able to get your specific situation addressed," Liz said.
Will Filing for Bankruptcy Ruin Your Credit for 10 Years?
“That’s another misconception," Liz noted. "The reporting of the bankruptcy itself does show up for seven to ten years, but the negative impact that it has on your credit if you’re responsible post-bankruptcy is about one to two years, and [then your credit score] can be back in the 700s”
Contact an Experienced Colorado Bankruptcy Attorney
If you are struggling with debt, it's important to find out your options. Bankruptcy might be a path to eliminating your debt, but there could be some non-bankruptcy options that could right your financial ship. Call 303-688-0944 to begin your free bankruptcy case assessment.
