4. I Won’t Owe Anything when the Bankruptcy is Over. If this is the real reason you’re filing bankruptcy – to be completely debt free – you need to talk to your bankruptcy attorney. Some debts cannot be cleared. Debts that are not forgiven include child support, student loans, criminal or civil penalties and some taxes. Bankruptcy should clear enough of your debt to give you a foundation to start building a new future, but it won’t clear each and every debt. Just as a myth shouldn’t keep you from filing, this myth shouldn’t encourage you to file if it’s not the best choice for you.
5. I Won’t ever be able to Get a Credit Card. Again, false. You may receive credit card offers as soon as the bankruptcy is discharged. Or, you may need to get a secured credit card while you’re rebuilding credit, but you will be able to establish credit again. And, you’ll be able to finance a car. That could happen sooner than you think because bankruptcy improves your debt to income ratio when it is complete.
One more myth is that bankruptcy is easy and you can do it yourself. Don’t try! Bankruptcy is complicated and having an experienced bankruptcy attorney at your side will not just make it easier – it could mean making sure that you keep everything you can keep and get rid of every debt that can be cleared. You want a lawyer who is expert in the laws of your State. You want one who will work with you by giving you a flat fee and, if needed, a payment plan. You can get that fresh start and build a financially secure future – don’t let a myth get in your way!