There are a lot of "Myths" (lies) out there surrounding the concept of bankruptcy. Most of these criticisms are just NOT TRUE and are designed to scare people from getting help by getting rid of their debt. Bankruptcy can solve your debt problems and more importantly get you and your family a fresh start. If you are considering a bankruptcy but are afraid about what you have read or heard others say, don't worry, we have a list to address all of the myths, lies and misconceptions.
Bankrutpcy Myth 1: Under the NEW 2005 bankruptcy law, there is no more help.
You can do almost everything under the NEW law that you could do under the OLD law. In some ways, the new law actually increased the benefits of filing bankruptcy
Bankruptcy Myth 2: Everyone Will Know You Have Filed For Bankruptcy.
Bankruptcy Myth 3: You Will Lose Everything You Have.
Bankruptcy Myth 4: You Will Never Be Able To Own Anything Again.
Bankruptcy Myth 5: You Will Never Get Credit Again.
Bankruptcy Myth 6: Filing Bankruptcy Means You're a Bad Person.
Bankruptcy Myth 7: Filing Bankruptcy Will Hurt Your Credit For 10 Years.
Bankruptcy Myth 8: If You're Married... Both You and Your Spouse Have To File For Bankruptcy.
Bankruptcy Myth 9: It's Really Hard To File For Bankruptcy.
Bankrupcy Myth 10: Only Deadbeats File For Bankruptcy.
Bankruptcy Myth 11: Even If You File For Bankruptcy, Creditors Will Still Harass You and Your Family.
Bankruptcy Myth 12: If You File For Bankruptcy, It May Cause More Family Troubles and May Even Lead To Divorce.
Bankruptcy Myth 13: You Can't Get Rid of Back Taxes Through Bankruptcy.
Bankruptcy Myth 14: You Can Only File Once For Bankruptcy Protection.
Bankruptcy Myth 15: You Can Pick and Choose Which Debts and Property To List In Your Bankruptcy.
Bankruptcy Myth 16:You Can't Afford To File Bankruptcy.
Additional Bankruptcy Myth Explanations:
1. Understanding the 16 Myths & the Harm Not Understanding them Cause.
2. Repercussions For Believing In Bankruptcy Myths
3. Bankruptcy Myths: Make Sure You Know The Truth