7 Myths About Bankruptcy

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myth of bankruptcy

Bankruptcy may be your best option if you find yourself with a mountain of debt that you are unable to pay back. A bankruptcy attorney Ogden Utah can help you with this process.

However, there are a lot of myths about bankruptcy that you need to be aware of.

Myth: I Won’t Qualify For It
Fact: Almost anyone who has bills that they cannot pay can qualify for bankruptcy. The only exception to this is if you have filed for bankruptcy within the past few years. Your Ogden bankruptcy attorney will tell you whether you qualify.

Myth: Everyone Knows When You File for Bankruptcy
Fact: Bankruptcy will be a part of your public record, which can be assessed by anyone. However, it will not be on the news. It is also important to note that creditors and attorneys will likely be the only ones who want to know whether you have ever filed for bankruptcy.

Myth: I Will Lose All of My Possessions
Many people are afraid to file for bankruptcy because they think that they will lose all of their possessions. However, there are things that the creditor won’t be able to take from you. This may include your primary residence, household goods, vehicles and rental property.

Myth: My Credit Will Be Ruined Forever
Fact: Bankruptcy can stay on your record for a maximum of 10 years. However, you can start working on your credit as soon as you complete the process. Your Ogden bankruptcy lawyer can help with that.

Myth: Bankruptcy Won’t Get Rid of Your Tax Debt
Fact: Bankruptcy doesn’t always get rid of tax debt. However, you may be able to get rid of income tax debt that is more than three-years-old. This is complicated, so it is best for you to speak with a bankruptcy attorney Ogden.

Myth: You Can Only File for Bankruptcy Once
Fact: You can file for bankruptcy as many times as you need to. However, you will have to wait a certain amount of time before you can file again. The waiting period will depend on the type of bankruptcy that you file.

Myth: Your Spouse Has to File for Bankruptcy
Fact: Your spouse doesn’t have to file for bankruptcy with you. However, if your spouse also has a large amount of debt, then it may make sense for the two of you to file together.

Contact Mountain View Law Group
Bankruptcy can be an incredibly stressful process. Our attorneys can help guide you through the process. They can also tell you which type of bankruptcy you should file.

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