| Home > Client Services > Bankruptcy Services > Myths About Bankruptcy |
| |
| Myths About Bankruptcy |
| |
| Myth I: If I file, I will lose my job or not get a new job. |
In most cases, employers will not find out about the bankruptcy unless you choose to tell them. Either way, employers are not allowed to fire or refuse to hire someone (or take other adverse action) for filing bankruptcy.
|
| Myth II: My bankruptcy will hurt my spouse's credit. |
When one spouse files for bankruptcy protection, his or her spouse's credit is not affected.
|
| Myth III: If I file, I will lose my house, car, pension, IRA, or 401(k). |
Because of several exemptions built into the bankruptcy law, most people who file for bankruptcy protection do not lose any property at all. In Florida, these assets are generally exempt
|
| Myth IV: Bankruptcy is difficult. |
While there are many rules in bankruptcy and the process may seem confusing, it is not so difficult that you should forego the benefits bankruptcy can afford you. If you have competent lawyers representing you, the process should be straightforward in most situations.
|
| Myth V: If I file, I will never get credit again. |
It is possible to rebuild your credit within months of filing bankruptcy. In many cases, clients report having an easier time obtaining credit after the bankruptcy freed them from so much debt.
|
| Myth VI : My debts are uncollectible because I am unemployed. |
| In Florida, your creditor can sue you for five years and collect against you for another twenty years after that. An individual who is thirty years old will have to deal with the creditors until he or she is fifty-five years old. That is a long time. You have alternatives. Consider what filing Chapter 7 bankruptcy would do for you. |
| |
