5 Bankruptcy Myths
MYTHS ABOUT BANKRUPTCY
For 2010, bankruptcy filings hit almost 1.55 million in the 50 states and Washington, D.C., according to data from Epiq Systems Inc. That compares to nearly 1.44 million filings the previous year. Although millions have file and will continue to file the facts of bankruptcy are still shrouded in misinformation. Below are some examples that I have heard as a bankruptcy attorney over the past ten years.
- I will not have a credit card or a good credit score for 10 years NOT TRUE
- Usually credit scores increase dramatically after bankruptcy and most people who file receive a credit card offer within 3 months.
- I will not be able to get a job if bankruptcy is on my credit report NOT TRUE
- The federal laws do not allow employers to deny employment because you filed bankruptcy. The same goes true for landlords.
- I will lose my car if I file bankruptcy NOT TRUE
- If you want to keep your car and you can continue to make payments you may continue to do so.
- I will lose my home if I file bankruptcy NOT TRUE
- Same as the car above, and many times, if not most times bankruptcy allows you to keep creditors from foreclosing.
- I will be deported/lose my citizenship if I file bankruptcy NOT TRUE
- Bankruptcy is your right and you will not be deported or lose your citizenship, in fact you do not have to be a citizen to file bankruptcy.
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