Search

Myths about bankruptcy

The following are myths (lies) about bankruptcy:


1. Everyone will know you filed bankruptcy. - Wrong. The chances of someone finding out that you filed bankruptcy are minimal. Only if you are famous or you tell someone is it usually known that you filed bankruptcy.


2. Creditors can still harass you after filing bankruptcy. - Wrong. It is a violation of federal law for creditors to contact you if they are included in the bankruptcy.


3. You can only file bankruptcy once. - Wrong. There is no limit on how many times you can file bankruptcy, but there is a waiting period between filings.


4. You will lose your property. - Wrong. Most people get to keep all their property.


5. You can never buy anything again like a car or house. - Wrong. You can definitely buy a house or car after filing.


6. You cannot eliminate taxes through bankruptcy. - Wrong. Some back taxes may be discharged.


7. If you are married, both you and your spouse must file together. - Wrong. You can file alone even if you are married.


8. Its hard to file for bankruptcy protection. - Wrong. With a good Houston bankruptcy lawyer like one from the Rashid Law Firm, it should not be hard.


9. Only deadbeats file bankruptcy. - Wrong. The list of people and companies who have filed bankruptcy include some of the most financially successful people and companies on Earth.


10. Filing bankruptcy is expensive. - Wrong, the Rashid Law Firm is an affordable bankruptcy filer in Houston.


11. You will lose your job if you file bankruptcy.- Wrong. It is a violation of federal law for employers to discriminate in any way against you for filing bankruptcy.


The above can vary from case to case and is not a legal opinion.




Recent Posts

See All

Know your rights regarding medical debts

Many people incorrectly assume medical debt is not dischargeable in bankruptcy. Medical debt is considered unsecured debt and it is dischargeable. Therefore if you have astronomical medical debts, cal