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Bankruptcy Misconceptions

Myths and misconceptions surrounding bankruptcy are numerous. The process, underlying rules, and the results of bankruptcy are meant to provide a fresh financial start. Stigma associated with taking advantage of the benefits bankruptcy can offer has completely disappeared in our current economy. In some cases, bankruptcy is the best tool to protect your most precious assets. Common myths and misconceptions about bankruptcy are discussed in the folders below.

If you are seeking information online about how bankruptcy benefits you, we can help answer your questions. Bankruptcy is not the best solution for everyone. We’ve created an online bankruptcy questionnaire that will allow us to help you evaluate all of your options. Its free to use and you can get started right here.

Bankruptcy and your credit

Your credit rating does not have to be irreparable after Bankruptcy. Bankruptcy is a new financial beginning for most people. It wipes out old debts and payment histories, which can be an improvement to your pre-bankruptcy credit score. If you take advantage of this clean slate, you can place yourself in a position to acquire an enviable credit score in less time than you might imagine. See our Frequent Questions section on Bankruptcy and Your Credit Report.

Bankruptcy and your personal property

In most cases, Bankruptcy allows you to keep all of your personal possessions. In fact, bankruptcy serves to protect your personal property from your creditors. It does not, however, wipe out liens against personal property. So, if you wish to keep personal property that is subject to a lien, you will have to continue to pay the debt. Bankruptcy laws regarding personal property and possessions vary from state to state. Consult an attorney in your area, or call us today about how bankruptcy can protect you in North Carolina.

Your privacy

Bankruptcy is public record. With that said, unless you are a public official or prominent member of society, you have every right to anticipate privacy about your filing. Because print media rarely spends the money or space to print records of bankruptcy filings anymore (once a common occurrence) the only people that will likely even know you’ve declared bankruptcy are people that have access to the US Bankruptcy Court record system.

Your integrity and bankruptcy

Filing Bankruptcy does not mean you are a bad person. With so many people, well over 1,000,000 annually, filing bankruptcy, the “bad person” label is inappropriate. Consumer Bankruptcy rules are created to provide good people with a fresh financial start.

New Bankruptcy Laws

Essentially, the bankruptcy reformation law of 2005 changed the methodology for qualification of each of the different types of bankruptcy. The new act does not prevent people from filing bankruptcy. In nearly all cases, individuals are able to obtain the same type of relief now as they did before the law changed.

Asset and Debt Disclosure

You cannot withhold specific debts or assets from your bankruptcy disclosure, even if you wish to continue paying the debts. The responsibility to those debts you feel strongly about is a good thing. Bankruptcy protects creditors from discrimination, as well as offering you a new financial start. Full and complete disclosure of all debts and assets is mandatory, and the courts treat all creditors equally.

The Process

As you can imagine, and as you should be prepared for, bankruptcy requires a lot of paperwork. In the last decade, much of the paperwork process has become electronic, minimizing paper and conserving other resources. The process becomes much clearer and the paperwork not so overwhelming when you have the assistance of a skilled bankruptcy attorney. Dave is a North Carolina Legal Specialist in Bankruptcy Law. Your one hour consultation with him regarding your financial distress is risk-free.

Future Property Ownership

Bankruptcy offers the potential of a fresh financial start. That possibility brings with it the ability to acquire new property, create good credit, and purchase other tangible items. Newly acquired property will not be encumbered by claims of creditors discharged in your bankruptcy. In fact, creditors discharged in bankruptcy are barred from harassing or even contacting you in any way. While it may take a little time, there is no reason that you cannot create a healthy, stable financial future including the ownership of new properties.

Marriage and Bankruptcy

There are no rules that require married couples to file bankruptcy jointly. It is permissible to file personal bankruptcy without your spouse also filing bankruptcy. Sometimes it is a good strategy to file bankruptcy together as husband and wife, and other times not. If you have a question about whether you and your spouse both need to file bankruptcy, you should consult a bankruptcy law legal specialist.

There is a common misconception and fear that declaration of bankruptcy is a precursor to divorce or insolvency of the family unit. Of all misconceptions, this one is probably the furthest from the truth. Bankruptcy eliminates debt. Eliminating debt eliminates stress. Declaring bankruptcy can be the solution to the number 2 cause of family separation in our country – debt stress. Relationship are tough, but financial distress does not have to be the deciding factor in the failure of one. Talk to Dave about your options.

Back Taxes

Generally, income taxes that are three or more years old can be discharged in bankruptcy when certain criteria is met. While this discharge is not a complete dismissal of past due taxes, it can have a giant impact your bottom line with the IRS. To ensure that you meet the qualifications for discharge of aged IRS obligations, consult an attorney.

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