Dispelling Bankruptcy Myths to Allow You to Make Informed Choices

Many people have misconceptions about bankruptcy. At the law firm of Minnillo & Jenkins CO. LPA, we take an educational, informative approach to our work. We take the time to explain the bankruptcy process to prospective clients and how it can help them get debt relief. Based in Cincinnati, we have served Ohio and northern Kentucky for more than 20 years. In a free consultation, one of our lawyers can review your situation, answer your questions and dispel the myths surrounding bankruptcy.

If you have questions or concerns about bankruptcy, we will explain the process in straightforward and understandable terms to allow you to make informed decisions without the influence of common myth. Call 513-723-1600 to schedule your free initial consultation.

Common Bankruptcy Myths

Some of the myths people believe about bankruptcy include the following:

Myth: Bankruptcy reforms have made it impossible for most people to file bankruptcy.

  • On the contrary, since the enactment of bankruptcy reforms in 2005, hundreds of thousands of people have obtained debt relief through the bankruptcy system. Filing bankruptcy is a viable option for most individuals in Ohio and Kentucky.

Myth: Filing bankruptcy strips you of your property and savings.

  • False. Ohio property exemptions enable most people to keep all of their property. There are generous exemptions for home equity, personal property and vehicles. Retirement accounts, Social Security income and veterans' benefits are completely exempt. Likewise, Kentucky bankruptcy filers enjoy similar protections.

Myth: Bankruptcy destroys your credit rating.

  • Not true. In fact, filing bankruptcy can actually improve your credit rating. It sends a signal to creditors and potential creditors that you have taken concrete steps to deal with your debt problem. Making payments in a Chapter 13 bankruptcy can improve your credit rating in a few short months.

Myth: Bankruptcy is a complex and difficult process.

  • It is true that bankruptcy laws are complicated, and for that reason you need a knowledgeable attorney working for you. As a client of Minnillo & Jenkins CO. LPA, though, you will benefit from our experience and comprehensive understanding of the bankruptcy laws. We will handle nearly all aspects of your bankruptcy. Your primary responsibilities will be to provide us with basic information about your debts and income, complete a credit counseling session and attend a hearing before the bankruptcy trustee. We will do most of everything else.

Myth: Filing bankruptcy is morally reprehensible and an admission of failure.

  • Not really. Our bankruptcy laws were put in place expressly for the purpose of helping people under financial duress to obtain relief from unmanageable debts. Many of the most successful businessmen in the U.S. have filed bankruptcy, using the process to get a fresh start. Forgiveness of debts is deeply rooted in Judeo-Christian culture.

Get Bankruptcy Answers From a Seasoned Cincinnati Attorney

In a free initial consultation, an attorney at our firm can answer your questions and explain how we can help you. Call Minnillo & Jenkins CO. LPA at 513-723-1600. We have four offices in the Cincinnati-Eastgate-Fairfield-Covington area. Evening and weekend appointments are available.

We are a law firm and a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.