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Bankruptcy Myths Exposed

We've all heard some of the common bankruptcy myths that people repeat as truth, such as that everything you own will be taken away or your credit is ruined for the rest of your life.  Many of these myths are just that - myths that are not based on fact.  In order to make a correct decision on whether bankruptcy is right for you, you need to know the truth.  At the Malaise Law Firm, we have the knowledge you will need to fully discuss your options when it comes to dealing with your debt and finding out if bankruptcy is right for you.  When considering bankruptcy, it is best to obtain advice from a professional bankruptcy attorney who has the legal expertise to answer all your questions

Below find some common myths which can provide some insight on the truth about bankruptcy.

All my debts can be eliminated with bankruptcy.

Although you can discharge quite a few types of debt, certain ones such as child support, alimony, taxes and student loans are still owed and cannot be discharged through bankruptcy.  However, some of these types of debts that are in arrears may be able to be added to a Chapter 13 filing.

If you are married, both spouses have to file for bankruptcy

This is not so.  Each person can file or not, depending on their level of debt.  If you are both having difficulty paying your debts, it is wiser to file together as the fee is usually the same.  But if one files and the other doesn't, this will not affect the spouse's credit rating unless they have joint credit.

 

I will not be able to get credit again.

Not so.  Although you will pay higher interest rates for a time, you will begin getting credit offers shortly after your filing and can begin to re-establish your credit over time.

Bankruptcy is hard to get through and qualify for.

Almost everyone qualifies for some type of bankruptcy, determining which one can be discussed with your lawyer.  The most difficult part of a bankruptcy is often making the initial decision to file.

I will lose everything I own.

Most bankruptcies do not affect your being able to keep all of your assets.  Many assets are protected by bankruptcy laws.  In fact, the majority of people who file for bankruptcy give up none of their assets.

Get the truth about how a bankruptcy works by contacting one of the bankruptcy attorneys at the Malaise Law Firm.





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