A Couple More Bankruptcy Myths

The first myth is today is – I’ll never get credit after bankruptcy. This is a common thought, but you will get credit card offers again. They will be from lenders with higher interest rates.
Another myth is-it’s really hard to file a bankruptcy. It’s really not. With the free consultation offered by our office you can speak to an attorney about the process and see how easy it can be.

A Few Bankruptcy Myths

One myth iseveryone will know I’ve filed for bankruptcy. Chances are that the only people who will know about a filing are your creditors. Bankruptcy is a public legal proceeding, but the number of people filings is so large that very few publications run all of them. Some local newspapers will print names of those who have filed in that community.
Another is thatall debts are wiped out in Chapter 7. Certain types of debts are not able to be discharged. 

This includes child support and alimony, student loans, restitution for a criminal act and debts incurred as the result of fraud.

The final myth for today is thatif you’re married, you and your spouse have to file for bankruptcy.  This is not always the case.

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.