Bankruptcy Myths?

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Bankruptcy Myths?

Post  Admin on Mon Sep 21, 2009 11:28 am

Myths about bankruptcy have always existed since the inception of the laws. The new laws enacted in October of 2005 raise more questions and create even more myths and misconceptions about filing bankruptcy.

Perhaps the largest myth is the idea that you no longer can file for bankruptcy after the new laws took effect. Chapter 7 and 13 bankruptcy attorneys were taking to the airwaves, communicating a sense of urgency to file bankruptcy now because you would not be able to in the future. Simply put, that is not true. We find that 95% of our clients will still qualify for a Chapter 7 bankruptcy. Even if the new laws preclude them from filing, they may still qualify for a Chapter 13 bankruptcy.

Individuals who have Chapter 7 and 13 bankruptcy as options still hesitate to file because they fear losing their house or car. The laws in Arizona provide you with many options in keeping your house and car, including paying off the delinquent payments in a Chapter 13 debt restructuring. If your house goes into foreclosure, the filing of a bankruptcy can stop that process, along with the scheduled sale of your home.

After the filing, your opportunity to secure credit or get approved for a loan does not end. Post-bankruptcy is an opportunity to slowly and diligently restore your credit. That can be done through regular payments to a credit card with a low credit limit or an auto loan that may have a higher interest rate. There is life after Chapter 7 and 13 bankruptcy.

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