Are you looking for a Fresh Start?

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.

PLEASE CALL FOR A FREE CONSULTATION AND WE WILL DISCUSS ANY OTHER CONCERNS OF DISPELL ANY MYTHS THAT IS HOLDING YOU BACK FROM YOUR FINANCIAL FREEDOM

 

Leave a Comment





Request A Free Consultation

Please enter your name.
Please enter a valid email.
Please enter a valid phone number.

Latest from Blog

capital buildings

Student loan debt becomes personal in Congress

Congressmen are just like us; they have student loan debt too! For the lawmakers that could provide student loan debt...
IMG_0010

Ditech bankruptcy could leave homeowners in foreclosure

The New York Attorney General’s office is trying to block the approval of a bankruptcy plan for the mortgage company...
coal mining

Coal company BlackJewel bankruptcy filing keeps last paycheck from workers

On July 1, 2019, BlackJewel filed for Chapter 11 bankruptcy in the U.S. bankruptcy court for southern West Virginia. As...