6. You will lose everything.
This is one of the most common myths and the easiest to refute. Have you heard of Donald Trump? He has filed bankruptcy TWICE. Chapter 13 is specifically designed to allow you to keep your stuff, but even in Chapter 7, there are exemptions for almost everything!
5. You will never get credit again.
Nonsense, most of our clients are offered credit cards before a bankruptcy is even finished! You will probably have to wait a year to buy a car - but there are places that will sell you one as soon as you have a discharge but you will pay a higher interest rate...
4. Everyone will know you filed..
Ok, this has >< this much truth. Your filing is published in the largest circulation publication in the county you file in. However, only three groups of people ever read those notices: creditors, marketers, and people WITHOUT A LIFE! We recommend ignoring all three.
3. You will get fired.
It is illegal to fire you because you filed bankruptcy. Over 2,000 clients, we never heard of anyone getting fired. Why would they? Unless you did something illegal!
2. It stays on your credit report forever.
Nope, but 10 years is a long time. But consider this, most of the reasons you might be considering bankruptcy ALSO stay on your credit report for a long time and can have (cummulatively) as much a negative impact on your credit score. Repossessions, foreclosures, judgments and liens ALL have a long term negative impact. Filing bankruptcy stops the bleeding and allows you to resume building a good credit history.
#1. You will never be able to buy a home.
Nonsense. First, you will have to wait a couple of years (a good time to start saving for the down payment) and you will not be able to get the absolute best interest rate, but after 3 years, you will be able to buy a home
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