Finding Financial Solutions

Three misconceptions people have about filing for bankruptcy

Even after practicing bankruptcy for almost 20 years now, I am still amazed at the misconceptions the general public has about the bankruptcy process and how quickly you can recover financially. 

  1. If you file for bankruptcy it will ruin your credit and you will never have good credit again. While bankruptcy will initially lower your credit score, most of my clients are surprised to see that their score will actually increase within 12 months of their bankruptcy case being discharged.  
  2. You'll Lose Everything In Bankruptcy. If you file for bankruptcy you can rest assured knowing you won’t be left out on the street with nothing to your name other than the clothes on your back. Most property in a bankruptcy filing is exempt and debtors rarely lose anything at all. 
  3. You cannot file bankruptcy by yourself if you are married: The bankruptcy laws permit anyone to file for bankruptcy, whether individually or jointly.  If you are married, you and your spouse must decide if a joint filing is necessary. If one spouse has more debt than the other, they can file individually.


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