Get The Facts And Debunk The Bankruptcy Myths

  • If I file for bankruptcy, I'll lose my home — If there is a way to keep up with your mortgage payments, there is a way to keep your home. Sometimes this means finding creative methods for refinancing or catching up on delinquent payments through a structured repayment plan ( Chapter 13 may be one option).
  • I could lose all my most valuable possessions — Although Chapter 7 bankruptcy is often referred to as liquidation, the truth is that a majority of debtors who file for bankruptcy are able to keep their assets and property. Our attorneys can work with you and explain the numerous bankruptcy exemptions and how they apply to you.
  • If I file for bankruptcy, the creditors won't leave me alone — This notion is completely false. Once you file for bankruptcy, an automatic stay goes into place and your creditors will be notified that they are legally prohibited from contacting you.
  • Filing for bankruptcy will permanently ruin my credit — You may actually be considered a better credit risk after the filing of a bankruptcy, due to improved debt-to-income ratio.

Related FAQS

Could I lose all my most valuable possessions?

Although Chapter 7 bankruptcy is often referred to as liquidation, the truth is that a majority of debtors who file for bankruptcy are able to keep their assets and property. Our attorneys can work with you and explain the numerous bankruptcy exemptions and how they apply to you.