Louisville and Southern Indiana Bad Credit Lawyer
Many people know someone who has been through a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Even for those who don't know anyone personally, bankruptcy is a subject on which there is a great deal of conventional wisdom. There are numerous opinions about what you should do if you are considering bankruptcy.
Richard A. Schwartz, Bankruptcy Attorney, we recommend that you have a thorough conversation with an experienced attorney about the various bankruptcy myths and misconceptions to help you maximize the benefits of filing bankruptcy and avoid any possible negative consequences.
- If you file for bankruptcy, you will lose everything you own. — Not true. There are many exemptions for different types of property such as homes and autos under the bankruptcy code. For the majority of people, they are eligible for enough exemptions that they will lose none of their property.
- Filing for bankruptcy will hurt your credit for 10 years. — Many people begin rebuilding their credit soon after their discharge from bankruptcy. With your discharged debts removed from your credit report, you can build credit more quickly.
- Under the new laws it is very difficult to file for bankruptcy. — False. Bankruptcy still remains a viable option for dealing with overwhelming debt and getting a fresh start.
- You will never get credit again. — Many people begin receiving offers for credit shortly after securing their discharge. The discharge of debt can help you begin rebuilding your credit.
- You can only file for bankruptcy once. — There is no limit on the number of times you can file for Chapter 7 or Chapter 13 bankruptcy. There are limitations on how often you can file for bankruptcy protection.
- Bankruptcy cannot discharge your taxes. — Yes, it can. Certain tax burdens can be discharged along with your other debts.
- You won't be able to buy property again. — There is no limitation on your purchasing property after bankruptcy anymore than there is now.
- If you are married, your spouse has to file for bankruptcy with you. — Married couples can file together or separately, whichever is more economically advantageous for them.
- Creditors can still harass you after filing for bankruptcy. — No, they cannot. The automatic stay that occurs when you file for bankruptcy prevents creditors from taking any further collection actions, including contacting you, under penalty of law.
Contact Us
To receive sound bankruptcy information, in Kentucky call 502-638-2441, in Indiana call 812-399-0959, and toll free in either at 866-270-4495 or simply contact us online to set up your free initial consultation with one of our New Albany or Louisville personal bankruptcy attorneys. Evening, weekend and in-home appointments are available for your convenience.
