Myth number 1: Everyone will be aware of the fact that I have filed for bankruptcy. Unless you happen to be a Managing Director of a top business organization or a famous movie star, there is a good chance that only your creditors will be aware of your filing. While it's 100 percent correct that that bankruptcy is a public legal routine, the number of individuals filing is so huge that not many newspapers report them.
Myth number 2: When it comes to Chapter 7 bankruptcy, all debts are wiped out. It is worthwhile pointing out that certain kinds of debts cannot be removed. They include student loans, debts because of fraud and criminal acts and child support and alimony.
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Myth number 3: You will lose everything you have. I have no doubt in my mind that this is the misconception that keeps individuals away from filing for a bankruptcy. They believe that the government will sell everything and they will have to start afresh. You will find that bankruptcy laws vary from one state to another. There are plenty of states that provide exemptions so that your assets like house, car and clothing can be protected. In case if you have a mortgage, you can keep the property but for that you need to pay monthly installments on time.
Myth number 4: You are not going to get credit in the future. This is certainly not the case. As a matter of fact, you will start getting credit card offers in a matter of six to eight months. However, these offers are only going to come from subprime lenders that charges high rate of interest. Before you accept their offers, make sure that you take into account your financial condition. If you cannot pay monthly installments on time, stay away from these offers as it can ruin your credit rating once again.
Myth number 5: Lots of individuals believe that it is really tough filing for bankruptcy. This is not true. Technically speaking, to file for a bankruptcy, you don't even require an attorney. You can do all the necessary paperwork on your own. However, as the case moves forward, you may need to take the services of an experienced attorney.
Myth number 6: Only deadbeats opt for bankruptcy filing. Majority of individuals file for bankruptcy after a life-changing event, it includes, a divorce, serious health issues and unemployment. They are not able to pay bills for the last six months or so and situation is getting out of hand.
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