Bankruptcy can be a life-changing tool for getting out from under crushing debt—but for many people, the word still carries unnecessary fear or shame. A lot of that comes from misinformation. So, let’s clear the air.

Here are five of the most common bankruptcy myths—and the truth behind them.

1. “Bankruptcy Means I’ll Lose Everything”

Truth: Most people keep all their belongings when they file for bankruptcy. Florida law provides strong exemptions that protect your home, car, personal property, retirement accounts, and more. Bankruptcy is meant to help you recover, not punish you.

2. “Filing Bankruptcy Will Ruin My Credit Forever”

Truth: While bankruptcy does affect your credit, for many people struggling with late payments or maxed-out cards, filing can actually be the first step toward rebuilding. Many filers start receiving credit offers again within months and can often qualify for a mortgage within 2–3 years.

3. “Only Irresponsible People File for Bankruptcy”

Truth:The vast majority of people who file do so because of unexpected hardships—job loss, medical bills, divorce, or economic downturns. Bankruptcy is a legal safety net, not a character flaw.

4. “I Make Too Much Money to File”

Truth:There are different types of bankruptcy for different situations. Chapter 7 may be income-limited, but Chapter 13 allows higher earners to repay debts over time. A qualified attorney can help you figure out which one you qualify for.

5. “I Can’t Afford to File for Bankruptcy”

Truth:We offer affordable flat fees, payment plans, and even $0 attorney fee down options for qualifying clients. Plus, once your case is filed, the harassment and garnishments stop immediately—giving you breathing room.

💡 The Bottom Line:

Bankruptcy isn’t the end—it’s a beginning. Don’t let myths keep you trapped in debt. If you’re unsure about your options, we’re here to help.

📞 Call or message us for a free consultation—by phone or video. You can even file from home.