The Top 16 Myths About Bankruptcy
So – all those awful things you’ve always heard about bankruptcy… Did you know that almost all of it is completely untrue? Some of it is rumor, some of it is urban myth, and a lot of the stories are perpetuate by creditors who want you to be scared of bankruptcy.
Check out these top 16 myths about bankruptcy. Since it’s a long post, we’ve listed the myths and linked each one to its explanation.
- Myth 1: Under the new bankruptcy law, there is no more help
- Myth 2: Everyone will know you have filed for bankruptcy
- Myth 3: You will lose everything you have
- Myth 4: You will never be able to own anything again
- Myth 5: You will never get credit again
- Myth 6: Filing bankruptcy will hurt your credit for 10 years
- Myth 7: If you’re married… both you and your spouse have to file for bankruptcy
- Myth 8: It’s really hard to file for bankruptcy
- Myth 9: Only deadbeats file for bankruptcy
- Myth 10: Filing bankruptcy means you’re a bad person
- Myth 11: Filing for bankruptcy will hurt your credit
- Myth 12: Even if you file for bankruptcy, creditors will still harass you and your family
- Myth 13: If you file for bankruptcy, it may cause more family troubles and may even lead to divorce
- Myth 14: You can’t get rid of back taxes through bankruptcy
- Myth 15: You can only file once for bankruptcy protection
- Myth 16: You can pick and choose which debts and property to list in your bankruptcy