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Bankruptcy Myths

If you are struggling with debt, you may be considering bankruptcy as a debt relief option. But there is a lot of information out there about bankruptcy, and not all of it is true. In order to make an informed choice, it is important to separate myth from fact. At Bankruptcy Law Group, PC, our attorneys are here to answer your questions about bankruptcy and help make your decision easier. Let's bust some bankruptcy myths.

Contact us today online or call us now to talk about bankruptcy mistakes and achieving your debt relief goals. For your convenience, we have law offices in Sacramento, Fairfield, and Redding, California, as well as Reno, Nevada.

Discovering the Truth About Bankruptcy

  • Myth: If I file for bankruptcy, I will never get credit again.
  • Fact: Many people who file for bankruptcy are able to get credit in a relatively short period of time. Our own attorney Chad M. Johnson filed for bankruptcy after law school and soon after, was able qualify for a low interest FHA home loan and a vehicle loan at 2.5 percent interest. In most cases bankruptcy will actually improve your credit.
  • Myth: If I file for bankruptcy, they will take all my property.
  • Fact: While Chapter 7 bankruptcy is a liquidation in which certain assets are seized and sold to pay off creditors, few people who file have any qualifying assets to lose. You will most likely be able to keep your personal property, including your car and family home. This is where hiring an experienced bankruptcy attorney is important.
  • Myth: I no longer qualify for bankruptcy after the 2005 law changes.
  • Fact: Most people who qualified before the law changed still qualify today. The government added a number of hurdles and red tape to the process, but they should not keep you from achieving debt relief through bankruptcy.
  • Myth: Bankruptcy is only for the lazy and immoral. If you file for bankruptcy, you are a bad person — or a loser.
  • Fact: Did you know that Donald Trump, Walt Disney and Ulysses S. Grant all filed for bankruptcy? There is no shame in it. It is simply a legal tool designed to help those who have fallen on tough financial times.

Schedule Your Free Consultation & Bully Back

If you are facing an overwhelming debt burden, our bankruptcy lawyers are here to help. Contact us today online or call us now to schedule a free debt relief consultation with an experienced Nevada or California bankruptcy attorney. We hold regular office hours and are available evenings and weekends by appointment. We also speak Spanish.