One of the biggest myths of bankruptcy is that its costs more than it is worth. This is simply not true. Look at it this way, once you get rid of your creditors, you will have more money. The costs associated with bankruptcy will be peanuts in comparison.

Collections agencies, credit card companies, big banks, mortgage lenders, and all the various kinds of “debt consolidation” companies have one key message they want you to buy into: bankruptcy is bad for you, makes you a bad person, and it will hurt your credit. The opposite is true. Bankruptcy improves your credit by reducing your debt and creating a healthier income to debt ratio. Bankruptcy costs a mere fraction of the best resolution and debt consolidation company can possibly offer you. And let’s face facts, a good person does what’s best for their family, not what’s good for the creditor. Those guys can care less about you and your family.

Think it through. Why do THOSE GUYS want you to think bankruptcy will ruin you? Simple. Bankruptcy is BAD FOR THEM and GOOD FOR YOU. If they can convince you that acting in their best interests instead of your own is somehow better for you, then they can trick you into paying them money you don’t have for programs you can’t afford and which leave you completely unprotected from their own collections efforts!


Even if you don’t qualify for chapter 7 and you can’t get 100% of your unsecured debt wiped out, you can usually file a chapter 13 and get long-term relief for an affordable monthly payment. Whether through a chapter 7 case or a chapter 13, the filing of a bankruptcy gives you immediate and lasting relief, and protects you from the creditors and predators!

As always, please call me, Karina Lucid at Lucid Law, Debt Relief Attorneys, with any questions about this blog or if you have other financial difficulties.