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MYTH #1: I’ve been sued by a creditor so it’s too late to file Bankruptcy.
FALSE. Bankruptcy’s automatic stay will IMMEDIATELY stop any lawsuit, foreclosure, sheriff sale and/or wage garnishment. The only way a creditor can attempt or presume legal action is to formally request relief from the automatic stay.
MYTH #2: I’ll never get a loan again after bankruptcy.
FALSE. After you file bankruptcy your liability and debt-to-income ration is much better after you file bankruptcy than before and past clients have received offers to finance vehicles and for credit cards immediately after the case is discharged. It’s important, however, to be financially responsible with your new credit accounts to avoid ending up in bankruptcy again in the future.
MYTH #3: It’s harder to file bankruptcy now with the new 2005 law changes.
FALSE. The bankruptcy relief available before 2005 is still available now. There are income requirements that determine what chapter bankruptcy you should file under. If you are unsure of what chapter bankruptcy is best for you, consult with an experienced bankruptcy attorney in your area.