openPR Logo
Press release

5 Common Misconceptions About Filing Bankruptcy

1. If you file for bankruptcy, you will lose all of your property.

This may be the biggest misconception surrounding filing for bankruptcy. Every person who filed can protect a certain amount of property while still eliminating all or a portion of their debt.

2. If you file for bankruptcy, everyone will know about it.

Unless the person is a celebrity, the fact of filing will not become generally known. A current employer would not even know, unless documentation was sent to stop a wage deduction or garnishment.

3. If you file for bankruptcy you will never get credit again.

This is simply not true. In fact, many lenders aggressively target those who have recently filed. Although the interest rate may be higher than normal, the opportunity for credit exists. If a person can wait two years before seeking credit, he will see an interest rate much closer to that of a non-filer.

4. If you file for bankruptcy all of your debts will be wiped out.

This all depends upon the type of debt that a person has. In some cases, there are debts that will not be eliminated. These may include student loans, recent taxes, child support, maintenance, parking tickets and debts incurred through fraud. One should consult with an experienced bankruptcy attorney to discuss the likely elimination of the particular debts in question.

5. If you file for bankruptcy you can choose which creditors to list.

All creditors must be listed on a bankruptcy petition. Although one can voluntarily pay back any creditor he desires, that particular creditor must be listed. People often like to keep a credit card free and clear from the bankruptcy filing. This is simply not the case in reality. Most credit card issuers will become aware of the bankruptcy filing and will terminate the charging privileges.

For Additional Information:

David M. Siegel
(847) 520-8100

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release 5 Common Misconceptions About Filing Bankruptcy here

News-ID: 3080 • Views: 1950

More Releases from David M. Siegel & Associates

Bankruptcy Filings Predicted to Rebound
The new bankruptcy law that generally went into effect on October 17, 2005 caused a feverish rush to file. The period immediately after October 17th was drastically slow for consumer bankruptcy professionals throughout the United States. Bradford W. Botes, Executive Director for NACBA (National Association of Consumer Bankruptcy Attorneys) states that he is "confident that the rate of filings will pick back up during the first quarter of
Illinois' Homestead Exemption Doubles
Illinois Residents can now protect $15,000.00 worth of equity in their residences free from creditor attachments, levies and sales. On January 1, 2006, the Illinois Code of Civil Procedure was amended to provide a homestead exemption of $15,000.00 for an individual homeowner. Section 735 ILCS 5/Art. XII Pt. 9 (Exemption of Homestead) effectively doubles the exemption that could be applied to protect a homestead. This long overdue increase will
Your Repossessed Vehicle Can Still Be Recovered
Suffering through a repossession does not necessarily mean that the vehicle is lost. In fact, a repossessed vehicle is recoverable by its owner as long as the vehicle has not been auctioned off or sold by the finance company. There are however a few requirements that must be met in order to convince the auto finance company to cooperate with the return of the vehicle. 1. The vehicle
How To Easily Stop Foreclosure, Save Your Home And Repay Your Debt Over Time
Losing one's home to a foreclosure sale can be devastating and demoralizing. It doesn't take much to fall behind on mortgage payments. Job loss, injury, divorce, wage garnishments, personal loans, student loans, credit card payments and many other factors can lead to the inability to make timely payments. Mortgage companies often will not accept any amount other than the amount needed to become completely current. In

All 5 Releases

More Releases for People

Helperschain: People Helping People
Helperschain some would say is a ponzi scheme, but we do not think we are. Helperschain is a membership scheme that believes in the ability of group financial home help. We assume that if all members who we call chainers hook their own chain to our existing long chain of chainers we are able to carry on growing and keep helping each other. Our slogans is " People helping People",
Lovely people in Düsseldorf
Starting on 8th of April, Pretty Portal presents a collective show with works that focus on human behaviour. On display are paintings and drawings by Natalia Rak, Pixelpancho and Sokar Uno. In the show, the artists look behind the facade of human being and present us "Lovely people". Pixelpancho topic is the incarnation of machines, or vice versa, the transformation from human to robot-like creatures. Puppet like people baring their interior mechanics. Natalia
Multifamily Insiders and Apartment All-Stars Announce “Average People SET Goal …
Houston, Texas (February 15, 2012) – Multifamily Insiders has announced a new partnership with the Apartment All Stars to create educational and motivational webinars for the apartment industry. Multifamily Insiders and Apartment All-Stars are two of the most respected sources for up-to-the minute property management trends. Industry expert Terri Norvell will present our next Webinar “Average People SET Goals, Extraordinary People ACHIEVE Them!”, which will take place on February 22nd
Loans for people on benefits: Physically disabled people can meet their needs
Most of the UK citizens are surviving on benefits. This kind of survival occurs due to varied causes including physical ailment or deficiency, unemployment and any other prolonged sickness. Many lenders would refuse or avoid offering these sufficient loans to such people. At that stage of urgency, the people have to suffer a lot for the desired funds. For their advantage and convenience, the loans for people on benefits are
Gomez for the People, the People for Gomez
The local community members of East Northport joined forces to “rally in the streets”, in support of congressional candidate, John Gomez. On Sunday October 24th, Justin Abrams, Executive director of Black Rose Productions, Inc. visited a rally set up by acting founder and director of the Conservation Society for Action, Mr. Stephen Flanagan. The rally attracted a substantial amount of followers including war veterans, children, and local communitarians. The CSA, Surefire Way To Find People In USA For Free
People searches on the web continue to soar. Whether it's a friend trying to reconnect to a childhood companion or someone searching for a business colleague or a long lost lover, the number of people searches on the major search engines is staggering! Today you can run a people search and find people in the USA for free. It is estimated that up to 30% of all search engine searches are