Common Bankruptcy Myths

Murrieta Bankruptcy Attorneys

People who are about to file for bankruptcy may hear many different things about what will happen to them if they pursue Chapter 7 or Chapter 13. Yet, a lot of these things are pure bankruptcy myths which are completely false.

Below, Singleton Smith Law Offices sheds light on common bankruptcy myths:

  • "If you file for bankruptcy, your credit report is going to be ruined for the rest of your life." A Murrieta bankruptcy lawyer can tell you that this is completely false. When people file for bankruptcy, the bankruptcy appears on their credit reports for 7 - 10 years and then gets taken off. Months after filing for bankruptcy, people can start rebuilding credit.
  • "You will lose your home and assets." This is not true. In fact, many people file for bankruptcy in order to keep their homes and prevent foreclosure. Additionally, even after filing for bankruptcy, many people manage to remain in possession of their assets when they work with our Murrieta bankruptcy attorneys.
  • "By filing for bankruptcy, you will not be able to take out loans or get credit cards." While people who have filed for bankruptcy may be denied loans or credit card offers in the beginning, over time, they will be able to get credit again if they remain responsible with their budgets and pay their bills on time.
  • "People who file for bankruptcy don't have to pay child support." This is a complete myth as filing for bankruptcy does not put an end to child support payments. Parents who have been ordered to pay child support must continue making monthly payments.
  • "I can stop creditor harassment if I file for bankruptcy." While filing for bankruptcy will stop creditors from calling you, it may not be the best way to put an end to creditor harassment. Instead of taking such a drastic measure, you should consult with our Murrieta creditor harassment attorneys and become informed of your options.

Contact a Murrieta bankruptcy attorney from Singleton Smith Law Offices to set up your free bankruptcy consultation!

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