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Looking at Bankruptcy Myths

Below you will find a number of commonly believed myths about bankruptcy and the bankruptcy process. If you have any questions about what bankruptcy really entails, you should not hesitate to speak to a legal professional right away. Some common bankruptcy myths include:

The new bankruptcy laws made it impossible to file bankruptcy.
The new bankruptcy laws only made it so that you must now pass a means test to qualify for Chapter 7 bankruptcy . Even if you do not qualify for Chapter 7 due to your income being too high , you can still file for Chapter 13 bankruptcy. Chapter 13 will give you much needed bankruptcy and foreclosure protection while you pay off your debts over three to five years.

You lose all of your property in bankruptcy.
No. When you file for discharge under Chapter 7, you may keep any property that has been declared exempt from execution in your state. This includes basic clothing, furniture, household goods, a car of modest value, the tools of your trade, home equity up to a specified amount and a number of other items. On the other hand, under Chapter 13, you get to keep everything.

You cannot get credit after filing for bankruptcy.
No, this is not true. Once your debts have been discharge d through bankruptcy, lenders realize that you no longer have competing obligations and are willing to give you credit. At first your interest rates will be a little high but after you show you are responsible, these interest rates will fall considerably and your available credit will go up.

You cannot dispose of credit card debt, medical bills, or back taxes in a bankruptcy.
Credit card debt and medical bills can indeed be discharged through bankruptcy. While back taxes cannot be discharged in Chapter 7, they can be included in a Chapter 13 bankruptcy. Under Chapter 13 bankruptcy, you and your attorney will devise a plan to pay off a portion of the total debt in three to five years. Once you have completed the payment plan, the court will discharge any remaining amounts you owe.

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