Bankruptcy MYTHS

1. Everyone will know that I've filed for bankruptcy.
2. I will lose all my wages earned after I file for bankruptcy.
3. I'll lose everything I have.
4. I'll never get credit again.
5. Married couples must file bankruptcy together.
6. Only deadbeats file for bankruptcy.
7. You can only file for bankruptcy once.
8. I can max out all my credit cards and then file for bankruptcy.
9. Medical bills can’t be discharged in bankruptcy.
10. Chapter 13 Bankruptcy requires full payment of all debt.
11. There is a minimum amount of debt needed for a bankruptcy filing.
12. A self-employed debtor can’t file under Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
13. My attorney is responsible for the accuracy of my bankruptcy papers.

MYTHS (THE TRUTH)

1. Everyone will know that I've filed for bankruptcy.
   Not so. The chances are good that no one will find out.

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2. I will lose all my wages earned after I file for bankruptcy.
   No. Earnings after you file for bankruptcy are yours to keep.

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3. I'll lose everything I have.
   You will probably lose nothing. In any event, I’ll tell you before we file if I think you might lose property and, in that case, we will consider other strategies.

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4. I'll never get credit again.
   The filing of bankruptcy will cause a drop in your credit rating. But we can show you how to re-build your credit.
   
   After bankruptcy you will be sent unsolicited credit cards, at obscene interest rates. You will be able to buy a car—again the rates will be very high. You may be able to get a mortgage in a couple of years. The big question in the Credit area is not “whether you can get credit” or “when”; it is “what quality of credit can you get.”

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5. Married couples must file bankruptcy together.
   Both spouses don’t have to file together. In rare cases it makes sense for only one spouse to file for bankruptcy.

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6. Only deadbeats file for bankruptcy.
   WRONG. Most people file for bankruptcy after a life-changing experience such as a divorce, the loss of a job, a serious illness, a terrible economy. They've struggled to pay their bills for months, sometimes years.

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7. You can only file for bankruptcy once.
   You can file for Chapter 7 Bankruptcy once every eight years. You can file Chapter 13 Bankruptcy sooner. But the Chapter 13 rules are complicated. I can help you. I am a lawyer and I give advice on Bankruptcy and Foreclosures in Louisville, Kentucky. CALL ME ON MY CELL NOW. I WILL PERSONALLY PICK UP OR CALL YOU BACK WITHIN 20 MINUTES. TEST ME! 502.592.9771.

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8. I can max out all my credit cards and then file for bankruptcy
   No, that’s fraud.

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9. Medical bills can’t be discharged in bankruptcy.
   Wrong. Most unsecured debts can be discharged in Bankruptcy. Here are some examples: credit cards; retail store bills; medical bills; utility or telephone bills; payday loans; mail order bills; judgments; most lawsuits; traffic tickets; loan companies; welfare debts; cable TV; back rent; pension or 401k loans; club memberships; debts from prior marriages; home improvement; bank overdrafts.

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10. Chapter 13 Bankruptcy requires full payment of all debt.
    Depending on the numbers, payment to unsecured creditors can range from almost nothing to 100%.

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11. There is a minimum amount of debt needed for a bankruptcy filing.
    Wrong. But generally it’s best not to waste the filing for a small amount of debt. You may need bankruptcy more at sometime in the next 8 years.

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12. A self-employed debtor can’t file under Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
    Wrong. She can file under either.

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13. My attorney is responsible for the accuracy of my bankruptcy papers.
    No. You are. You may face criminal charges if you intentionally withhold or misstate information.

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