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KNOXVILLE, TN, July 24, 2014 /24-7PressRelease/ -- The Knoxville bankruptcy attorneys at Clark & Washington have noticed that there are many popular bankruptcy myths that are misleading many people and would like to debunk these myths.
One popular belief about bankruptcy is that it's a cure-all to absolve all debts, but this is very misleading. First and foremost, bankruptcy has the potential to be a relatively expensive and time-consuming process. Bankruptcy can discharge many debts, but there are also many other debts that cannot be discharged, such as child support and alimony.
Many people also believe that you can spend money recklessly and max out all your credit cards and then just file for Knoxville bankruptcy to avoid paying the debt. Practices like this are illegal and many courts consider this to be a form of fraud. Bankruptcy should only be filed for legitimate reasons by people with real financial hardship.
Another misconception about bankruptcy Knoxville bankruptcy experts wish to debunk is that it permanently ruins your credit. For those who actually go through the process of filing for bankruptcy, they become surprised at how quickly they start to receive credit offers again and how fast their credit score becomes repaired. On average, it takes about seven to 10 years to fully repair your credit, but you may qualify for secured credit cards about six to 12 months after filing. Filing for bankruptcy is not the end of the world.
It is commonly mistakenly advised that you can only file for bankruptcy if you are completely broke. This is also a misconception. To file for bankruptcy you just have to have problems paying off your debts.
For more information on Knoxville bankruptcy facts and myths, visit http://www.knoxvillebankruptcyattorney.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 seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.Knoxvillebankruptcyattorney.com.
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