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Top 10 Myths About Bankruptcy You Should Know

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pahana
11 diapositives · 281 Views · Jul 11, 2014

Bankruptcy can be confusing, and many myths can prevent individuals from seeking the relief they need. This article debunks the top 10 common misconceptions about bankruptcy in the U.S., such as the idea that only irresponsible people file or that bankruptcy will ruin your credit forever. Learn how many successful individuals, like celebrities, have filed for bankruptcy and how it can actually provide a fresh start. Additionally, discover important information about filing during a divorce, asset protection, and the eligibility for Chapter 7 or Chapter 13 bankruptcy.

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Top 10 Myths About Bankruptcy You Should Know
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  1. 10 Myths About Filing Bankruptcy France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  2. Myth #1Successful people don’t file for bankruptcy! • Everybody faces unexpected financial challenges • Celebrity Bankruptcies • Stephen Baldwin • Donald Trump • Henry Ford • Kim Basinger • Abraham Lincoln • Walt Disney • Larry King • Willie Nelson • Dorothy Hamill • Burt Reynolds • Rembrandt France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  3. Myth #2After bankruptcy, I will never get credit again! • You will likely receive many post filing credit offers. • You can’t file Chapter 7 again for 8 years • Your debt levels post-filing are likely very low. • TIP:Be choosy, read fine print, wait • Beware of auto dealers & credit cards offering high interest rates. • As time passes, your credit score will improve and you may become eligible for lower credit interest rates. France Law Group, LLC 419.725.9300 www.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  4. Myth #3I will lose my home & car if I file bankruptcy! • Many debtors are able to keep cars & home • Chapter 7 is liquidation, however exemptions exist to help debtors protect certain assets. • Helpful Tips: • Stay current on home/car loans • Let your attorney know about any equity in your home or car. France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  5. Myth #4Bankruptcy is on my credit report for 8 years! • No specific law requires a time period for bankruptcy to remain on a credit report. • Varies by credit reporting agency • Individual creditors view bankruptcy differently France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  6. Myth #5:I should wait to file until my divorce is finalized! • Court filing fees are per case, not per person • Filing as married couple will save an extra filing fee • OK to file separately • OK to file when married, but living separately too. • TIP: Divorce decrees trump Bankruptcy • Be mindful of what you promise in divorce decree France Law Group, LLC 419.725.9300 vvwww.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  7. Myth #6I cannot file a bankruptcy for another 8 years! • If you can’t wait, other options may be available • 8 year waiting period between Chapter 7 filings • Time begins accruing on filing date • Options(during interim period) • Chapter 13 bankruptcy (repayment plan) • Creditor negotiations France Law Group, LLC 419.725-9300 www.toledo-bankruptcy.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  8. Myth #7Chapter 13 is better for my credit rating! • There is no proof that either Chapter 7 or Chapter 13 is better for your credit rating. • TIP:Ask your attorney whether a debt consolidation plan is appropriate? This may affect your credit score differently. France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  9. Myth #8Only irresponsible people file bankruptcy! • Bankruptcy laws are here to help you recover from periods of hardship. • Common reasons why people file bankruptcy • Medical • Job Loss • Home Foreclosure • Divorce France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  10. Myth #9Student loans are dischargeable. • Generally, debts owed to government are NOT dischargeable • Student loans • Taxes • Overpayment of Benefits • Court fines/costs • Restitution • Narrow exception pertaining to student loans exists. • Extreme hardship cases France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.

  11. Myth #10 I automatically qualify for Chapter 7. • Not everyone qualifies for Chapter 7 • Your attorney will examine your current household budget and the last 6 months of paystubs to determine eligibility. France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com We are a debt relief agency. We help people file for relief under the bankruptcy code.