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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
davidmsiegel@hotmail.com
www.bankruptcylawyerschicago.com
(847) 520-8100

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