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Common misconceptions about bankruptcy

On Behalf of | Jul 5, 2022 | Bankruptcy

There is a lot of misinformation out there about the bankruptcy process. As a result, many are dissuaded from seeking bankruptcy debt relief even when it’s ideal for them.

If you are contemplating filing for bankruptcy due to your current financial situation, it is crucial to have all the necessary information beforehand.

Below are some of the common myths about bankruptcy.

You will lose everything

Filing for bankruptcy does not mean that you will lose all your possessions. There are various exemptions that allow you to keep some of your items if they do not exceed a specific value. You may be surprised that you can keep your homestead and motor vehicle under these exemption laws.

You will never be creditworthy

While bankruptcy will lower your credit ratings, it is not permanent. You can rebuild your creditworthiness over time by reorganizing your spending habits since you now have a clean slate.

All debts will be discharged

Bankruptcy eases the burden of debts, but it does not do away with everything you owe. For instance, child support and alimony are not dischargeable under any bankruptcy.

Knowing what debts will remain after filing for bankruptcy is necessary to enable you to plan ahead and organize your finances.

You can only file for bankruptcy once

If you have already filed for bankruptcy, you can still do it again if you meet the requirements. A subsequent Chapter 7 filing can be made after eight years, while you can file for a second Chapter 13 after two years.

As a potential applicant, you need to spend time understanding the bankruptcy process to ensure you reap the benefits. Bankruptcy is designed to provide relief, not punish individuals in a financial crisis. However, you can only enjoy the gains if you do it right and are well prepared for life ahead.


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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.