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Common Myths About Bankruptcy

Myth #1 - You can keep a credit card during bankruptcy -This is a myth because you must list all the credit cards you have in your bankruptcy petition, and you will lose them all. That means that even if you like the bank that issued the credit card, you must still list it. 

Myth #2 - You must file prior to the foreclosure because you cannot discharge the deficiency after they foreclose -This is a myth because the deficiency can be discharged after the foreclosure. 

Myth #3 - You have to do 180 days of credit counseling -This is a myth because it is a misstatement. The correct statement is that have to do credit counseling within 180 days of filing bankruptcy. 

Myth #4 - Your credit rating will never be good. This is a myth because right after filing for bankruptcy, you can have a better credit rating than you had on the day you filed. You can buy a house, car, and get credit cards within as little as one to two years after filing bankruptcy. 

For more, please feel free to consult with a professional Houston Bankruptcy Attorney from the Rashid Law Firm. 

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