Top 5 Myths Of Bankruptcy

" I am going bankrupt already!!!"

Sound Familiar? But what really is bankrupt? What do you really know about bankrupt? Are what you heard about bankrupt are all true? Here are some myth that you might be familiar:

Myth No. 1: Consumers can file for bankruptcy as many times as they like.
No. Some strict limitations have been set by the new law. Debtors will not be able to file bankruptcy if they've been through a bankruptcy within eight years of the new filing.

Myth No. 2: Filing for bankruptcy will give a consumer a new start with credit.
Not necessarily. Bankruptcy is a negative mark on the credit report that will impact a credit score on a consumer's credit profile. This can lead to higher interest rates, the inability to rent an apartment and difficulty getting a job.

Myth No. 3: The car, house and boat can be kept without having to pay off the loans when included in the bankruptcy file.
You can't keep them without paying the loan, unless there's insurance, and you have to agree to pay off the loan in order to keep it.

Myth No. 4: All debts can be discharged in a bankruptcy filing.
Bankruptcy experts say certain debts such as child support, student loans and most taxes are not discharged.

Myth No. 5: A consumer can choose whether to include all their debt in a bankruptcy filing.
Bankruptcy experts stress that all debts must be listed. Misinformation or neglecting to include certain debts can lead to additional cost and the possible dismissal of the bankruptcy case.

Need help on bankruptcy? Find the experts:
Sacramento bankruptcy attorney

Mr E signing out,  everybody deserved  to be save =]