Common Myths About Bankruptcy Law
Arnold Law Offices • July 25, 2023
There are a lot of common myths and misconceptions about bankruptcy law that can end up harming people. If you have any questions about bankruptcy laws or what filing for bankruptcy would mean for you and your future, this article will be dispelling a few popular myths that could help you make the best decision.
Here are a couple of myths that you may have heard about bankruptcy law:
- Your credit score will be ruined for the rest of your life. This is one of the top reasons people give for not filing for bankruptcy. However, your credit score can recover after filing for bankruptcy. Even though bankruptcy will remain on your credit report for up to 10 years, you can still improve your credit score within that period.
- Filing for bankruptcy will clear all your debt. On the other hand, some might view bankruptcy as a chance for a fresh slate or a new start, which isn’t accurate. According to bankruptcy law , some debts are never removed from a person’s responsibility, such as child support, alimony, and student loan debt.
- Declaring bankruptcy requires you to give up all your belongings. This myth can scare innocent people into not filing for bankruptcy when it could actually be their best option. However, it’s far from the truth. In most cases, those who declare bankruptcy are permitted to keep the majority of their belongings, including their home, car, and other treasured possessions.
- You have to use up all your savings before you can file. This myth may be the worst one of all. Many people use up every cent of their savings before filing for bankruptcy, which is not necessary at all. Bankruptcy law permits individuals to hold onto their savings in their IRA, 401K, and retirement savings accounts.
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