Wednesday, April 22, 2009

Myths on Bankruptcy


By Jenny Sutton

There are many misconceptions on bankruptcy. It is crucial to understand the difference between truths and myths of filing for bankruptcy.

First of all, many believe you are not able to file bankruptcy if you are employed. In reality, Chapter 13 is only funded if the person has a job, so this is a complete myth. Another misconception is the future after bankruptcy. Many people believe that you cannot receive credit for ten years after bankruptcy. This is also a myth because credit is available, although not at the best rates.

Bankruptcy is also something that should be looked at individually. While married couples can file bankruptcy together, they are also allowed to file separately. If this does happen, it is important to know what property is treated as bankrupt.

The idea of filing for bankruptcy is one that needs to be thought through thoroughly. The reality of this issue is that most people do not know much about the topic of bankruptcy. If you or someone you know is thinking about filing, make sure to do the research to find the truth about bankruptcy so you do not get caught up on the myths.

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