Bankruptcy Myths-1

One myth is-everyone will know I’ve filed for bankruptcy. The chances are that the only people who will know about a filing are your creditors. It is true that bankruptcy is a public legal proceeding, but the number of people filing is so large that very few publications run all of them. Some local newspapers will print the names of those who have filed in that community.

Another is that-all debts are wiped out in Chapter 7 bankruptcy. You wish. Certain types of debts cannot be discharged, or erased. This includes child support and alimony, student loans, restitution for a criminal act and debts incurred as the result of fraud.