There are a lot of misunderstandings about filing for bankruptcy. Credit consolidation companies can mislead people and credit card companies can mislead you so you continue paying high interest. Many people rely on information that was true 25 years ago or from friends who have heard something from someone. A lot of the information available on the internet is often very, very general and vague that it does not apply to over 95% of the cases and distorts the truth.
The following is a list of beliefs people have about filing bankruptcy that are SIMPLY NOT TRUE:
- My Credit will be destroyed forever and I will never get credit again.
- I will lose my house, my car and everything I own.
- You can only have one automobile if you file bankruptcy.
- If I have a car loan or a home mortgage I have to give up my car and home.
- The whole world will know I filed for bankruptcy.
- If you are married both husband and wife must file for bankruptcy.
- Only bad people file for bankruptcy.
- Filing for bankruptcy is too expensive and I can not afford a lawyer.
- Even if I file bankruptcy I heard you have to pay everything back.
- It is difficult to file for bankruptcy and they changed the laws to make it difficult.
- I will never be able to own anything or have money in the bank after filing bankruptcy.
- You can only file bankruptcy once in your lifetime.
- You have to have some minimum amount of debt to file bankruptcy.
- You can not discharge IRS taxes or State taxes in bankruptcy.
- I will lose all of my future tax refunds.
- I can be fired or lose my job if I file bankruptcy.
All of the above are common beliefs that people think are true about filing bankruptcy. They are simply NOT TRUE. It is important to speak to an experienced bankruptcy attorney for real answers to your questions. It becomes very difficult to make a decision when you hear all kinds of information from unreliable sources. We are available to accurately answer your questions and concerns anytime.