12 myths about bankruptcy

[jeremym51]

Choosing an expert and experienced lawyer is important. These days, there are various chapter 11 lawyers willing to offer finish administrations. It is best to procure a lawyer who stays sensible and offers brisk answer for your issue.

[HelenAUre4]

Re:

Wow! great information. Most of them believe that bankruptcy is a dead end where there is no returning back. The person who is bankrupt is no longer eligible for a mortgage. Yes, credit scores and previous debt history becomes an important part of evaluation.But if you try you can get back to better credit scores then you would be fine. All you have to do is to frame a great plan and work it out accordingly!I have been once at this dead end once. During those days I felt like my life is no more! I still remember I had nearly 4 mortgages from a single mortgage company (5 Year Mortgage Rate in Calgary). But somehow I climbed up back. And my family was there to support me in all those difficult days. Or else, I would have surely gone to the level of a mental breakdown!Thanks for the detailed explanations. Many of the misunderstandings about bankruptcy would be cleared by now. (But I cleared these misconceptions years back!!! )

[mabellemurph]

Thank you for sharing this valuable information about Myths in bankruptcy. I saw also other myths in bankruptcy in other website, but this one is one I like.

[AdamGarcia]

The inability to restore your credit is one of the most prevalent myths I've come across. Many prospective clients are under the impression that once they file for bankruptcy they will never get another car loan, mortgage, etc. I have to keep repeating that you will get quite a few credit solicitations post bankruptcy, and that if you are responsible with credit in the future your credit score will rebound, especially if it was low to begin with.

[botsal]

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[savana]

All these myths are common amongst those people who are filling it against any organization. Most common myth which always dwells in a mind is "I will loose everything I have" which is not a complete truth. It depends on state to state and Government always keep the property with them. Now there are certain changes that arise but, every person must know all the pros and cons of Bankruptcy.

[wystanfi]

I want to know that it is possible to filling bankruptcy without any legal help.

[bobkerry]

really awsome and seems to be interesting too. with the help of this we really come to know about the pros and cons related to this topic...with th help of this we can know about all the setails related to this...thanks alot

[beachchick]

I think the biggest myth of all is that bk is the worst thing that can happen to you, I found that not true, it was the best thing that could have happened to me, the alternative to bk would have been much worse, without getting your debt discharged that debt will follow you around for the rest of your life, you will be stuck in quicksand. Now I am free and life could not be sweeter. Also reading a great book that gave me hope and encouragement helped, called Bankruptcy, How To Survive and Prosper, got it on Amazon.com. helped me immensely.

[Lupita]

Probably a very stupid question but I'm confused. Does this mean no CC interest will be erased?

12 myths about bankruptcy

All debts are wiped out in Chapter 7 bankruptcy. You wish. Certain types of debts cannot be erased. They include child support and alimony, student loans and debts incurred as the result of fraud. If you've defrauded someone and a judgment has been made against you, that won't be erased either. Credit card interest
out of control?

[HHM]

How does this work? If I am planning to file VERY soon... if I can afford to, should I pay off one card so I can keep it?

How does that work? Is it illegal to not list a credit card?

Can they check to see if I made a payment on one card but NO others?

DO NOT pay off a card on the off chance it will survive the BK. 9 times out of 10, the card will be closed anyway.

[FilingBK]

12 myths about bankruptcy

Also, if you have a credit card with a zero balance on the day you file for bankruptcy, you don't have to list it as a creditor since you don't owe any money on it. That means you might be able to keep that card even after the bankruptcy.

How does this work? If I am planning to file VERY soon... if I can afford to, should I pay off one card so I can keep it?

How does that work? Is it illegal to not list a credit card?

Can they check to see if I made a payment on one card but NO others?

[fatjay]

This was very helpful information

[jamesd1967]

I can max out all my credit cards, file for bankruptcy, and never pay for the things I bought. That's called fraud, and bankruptcy judges can get really cranky about it. The trustee in your case will review all your purchases right before your filing. He knows what to look for.


I had a friend who did this, maxed out the cards, and then filed, but she waited about six months after maxxing out the cards to file; therefore, it didn't look quite so conspiuous.

[robertg]

About the myth that it's really hard to file for bankruptcy? Of course filing isn't hard. It's getting approved that's hard. At least for a Chapter 7...just adding my two cents.

Robert G
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