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Myths About Bankruptcy

Learn the Truths About These Common Misconceptions

Many people shy away from the different forms of bankruptcy because they have been told false information. This prohibits many people who are experiencing financial hardship to get the relief they need. Bankruptcy can be a great form of debt resolution for many Americans and it is definitely a viable options that should be considered when you are in financial crisis. Hopefully by ready this it will clear up the many delusions and misunderstandings regarding bankruptcy.

I will Lose all of my Assets

This is definitely a myth that keeps people who really should file for bankruptcy from doing it. Bankruptcy laws do vary according to which state you live in, but across the board they are many exemptions available that protect certain assets and property. For example, your house, your car, your retirement plans, your clothing and even your household good are all protected up to a certain amount. Many people are under the belief that bankruptcy will force them to sell everything that they own and that they will have to rebuild from the ground up, which is simply not true.

My Credit Score will Never Recover

This is actually quite the contrary. More often than not if you are in financial crisis and are considering bankruptcy your credit score is already in poor condition. By being delinquent on your payments or not paying your bills on time, then that is when you credit suffers the most. By filing bankruptcy it can actually help you rebuild your credit faster and there are multiple companies that will provide credit to you. It is off course wise to refrain from hiking up big bills and accumulating debt all over again, but if you use your second chance wisely and make timely payments, then your credit score will be able to recover quickly.

Everyone will know that I Filed for Bankruptcy

Bankruptcy is not widely publicized in communities that criminal activity or politics on the media. So many people have suffered because of the economic downturn that bankruptcy has become a common occurrence in most areas. Unless you are a public figure or a prominent person in the community, your bankruptcy should not be common knowledge. There are some newspapers however who post names of people who have filed in their area.

If I am Married then my Spouse will Have to File Also

This is not necessarily true. Many times on spouse will have a significant amount of debt from student loans and the other will have no debt to their name. In cases such as this, the applicant can file by themselves. However, if it is a debt that you are both responsible to pay back such as a home mortgage then you should file together. Otherwise the creditors will go after the spouse that did not file and ask for them to pay the amount in full.

Chapter 7 Could Wipe Away all my Debts

This is a very common misconception. Chapter 7 bankruptcy does discharge a good amount of debt but does not always eliminate the debt completely. This type of bankruptcy can erase your student loans, restitution owed for a crime or a fraud offense, or any overdue child support or spousal support payments.

Talk to the Elite Legal team at Price Law Group

When filing for bankruptcy it is always a smart idea to get an attorney involved so that you are aware of the truths, misconceptions, benefits and drawback of bankruptcy. This way you can make an informed decision and pursue the right option for your financial situation that will benefit you not only today for also for the future. The attorneys at the firm are standing by to help and help decipher if bankruptcy is right for you!

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