Myths About Bankruptcy

Deciding whether bankruptcy is right for your situation is hard enough, but not having the facts makes is impossible! If you are facing financial difficulties, knowing the realities of bankruptcy can help you make decisions.

There are a number of common myths many people have about bankruptcy. We give you the facts about how bankruptcy can help you overcome a difficult financial situation. As the saying goes, the truth shall set you free.

MYTH: I must have a job to file bankruptcy.

You do not have to have any income to file a Chapter 7 bankruptcy. In fact, it is usually easier to file if you have no income.

On the other hand, you must have some income to file a Chapter 13 bankruptcy, although it does not have to be from a regular job. Social security or pension income is a suitable form of income.

MYTH: I cannot file for bankruptcy if I have a job.

Actually, the majority of people who file for bankruptcy have a job, though many do not.

Your job status is only one of many factors that an expert would use to determine if bankruptcy is right for you. Such a determination can only be made on a case by case basis by a legal expert. Attorney Richard E. Sexner offers free consultations to help you decide.

MYTH: I can never get credit again if I file for bankruptcy.

It is not uncommon for people to receive credit card offers immediately after they finish their bankruptcy. Many of our clients have been approved for mortgages - even during their bankruptcy.

MYTH: I will lose my house and car.

Bankruptcy laws provide certain exemptions for cars and homes. In many cases, people keep their car, house, and other possessions.

MYTH: Once I have a judgment against me, I can’t get rid of it in bankruptcy.

A judgment does not stop us from getting rid of that debt in bankruptcy.

In many cases, having a court render a judgment against you is all the more reason why a bankruptcy is the right course of action for you to take. Such a determination can only be made on a case by case basis by a legal expert. Attorney Richard E. Sexner offers free consultations to help you decide.

MYTH: Taxes are not dischargeable in bankruptcy.

There are some situations where taxes are discharged in bankruptcy. However, taxes are not always dischargeable.

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