Charlotte Bankruptcy attorney Bryan W. Stone answers the question: “Can I get credit after filing personal bankruptcy?”
A recent survey by the organization YouGov attempted to explore Americans’ feelings regarding bankruptcy and it uncovered some interesting information. The first detail that many might find surprising is that 18 percent of those surveyed (a sample designed to reflect the public at large) say they have either filed for bankruptcy already or a member of their household has done so.
Beyond the 18 percent who say they’ve personally experienced bankruptcy, another 23 percent say they have considered filing for bankruptcy. The numbers show just how broadly economic trouble can impact American families and how many people think bankruptcy might be a way out of their financial mess.
Though many people have considered filing for bankruptcy, the survey found that those earning less than $40,000 per year are more likely than other groups to seriously debate filing. Among this income bracket, more than 30 percent of respondents say that they have considered filing for bankruptcy.
The survey also discovered that though many people may be entertaining the idea of filing for bankruptcy, very few actually understand how the process works and what it is designed to achieve. YouGov asked respondents which kinds of debt could be discharged in Chapter 7 bankruptcies. Only 28 percent of those who responded realized that alimony debt could not be discharged in a Chapter 7 bankruptcy while only 37 percent knew that child support debt was non-dischargeable. Similarly few people understood that taxes and student loan payments could not be discharged.
The survey also dove into feelings surrounding bankruptcy and uncovered that the vast majority of people believe the biggest downside to filing is the harm that it will do to your credit score. Only 26 percent said that shame associated with filing was a significant disadvantage. However, the percentage of those who said that shame was a big disadvantage rose as the income bracket increased, with 35 percent of those earning over $80,000 listing shame as a major drawback.
Though there may be drawbacks, respondents also acknowledged the serious benefits that bankruptcy can offer. More than half of those who responded said that bankruptcy offered a fresh start, which was an attractive reason to consider filing. Another big reason for filing was to stop collection agencies from harassing debtors, a reason embraced by 41 percent of those answering the survey.
If you find yourself needing the services of a Charlotte, North Carolina bankruptcy attorney, please call the skilled lawyers at Arnold & Smith, PLLC today at (704) 370-2828 or find more resources here. As professionals who are experienced in the bankruptcy arena, our attorneys will provide you with the best advice for your particular situation.
About The Author:
Bryan Stone is a Partner with Arnold & Smith, PLLC where he focuses his practice on all aspects of bankruptcy, including: Chapter 7, Chapter 11, Chapter 13, home loan modifications and landlord tenant issues. Originally from Macon Georgia, Mr. Stone attended the University of Georgia for a BBA in Banking and Finance and went on to Wake Forest to earn his law degree. After law school Mr. Stone relocated to Charlotte where he has become quite involved in many local organizations. He is currently the Chair of “Bravo!” the young professionals organization of Opera Carolina, he also founded the UGA Alumni Association of Charlotte. In his spare time he enjoys perfecting his BBQ skills for the annual “Q-City BBQ Championships” and playing softball with the Mecklenburg County Bar Softball League.
“Only A Quarter Of Americans Find Bankruptcy Shameful,” published at YouGov.com.
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