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Some Bankruptcy Myths

Bankruptcy is something that is tough to go through. It is generally treated as a last option, and should not be taken lightly. But, like everything else, certain myths surround this whole process. These myths may hold you back from truly giving bankruptcy a fair look. So let’s dispel some of those myths shall we? Bankruptcy is tough enough; myths should not make it tougher.

I Can Only File for Bankruptcy Once

We are not recommending that you file for bankruptcy more than once, if you can help it. The truth is, however, that you can file for Chapter 7 bankruptcy once every six years. If you have to file every six years, you are doing something wrong. Chapter 13 bankruptcy allows you file more often then that, but you cannot file bankruptcy on more than one case at a time.

I’ll End Up Losing Everything I Have

Every state has certain exemptions that will help you protect some assets during bankruptcy. It is common for someone to go through the entire process and still be able to keep everything they have. If you keep up payments, then you have nothing to worry about. It is possible you might lose something, but the exemptions will keep you from losing every single thing you have.

I Can Never Get Credit After Bankruptcy

This is not true. You will find that after a while you will be getting credit card offers again. But you will probably be charged high interest rates, because of the bankruptcy. Don’t get crazy with the credit you do have. You will regain it over time, so you need to show all parties involved that you can really be responsible with the credit you have been given.

Bankruptcy Filing is Hard

One of the common thoughts about this is that you need an attorney to file. This is not true though. It is really not as difficult as it may seem. Even though you do not need help, we still recommend that you go through this process with someone who has experience with the situation.

Fight the Bankruptcy Myth

Bankruptcy is not something that should be celebrated, but you can get through it! Don’t just try to fly through the process. Know how it works and how you can make the entire process easier for yourself. So fight the myths, and start to work to get some of your credit back.

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