With a large number of Americans filing for bankruptcy every year, it's no surprise that bankruptcy is getting a bad rap online. There are many websites on the Internet trashing filing bankruptcy and how it will ruin an individual's life forever. To me it seems suspect, because the source of the information is not coming from individuals after filing for bankruptcy. If there were blogs that had individual stories about how an individual wished they never filed for bankruptcy it might be a little more believable. Being suspicious, I am beginning to believe that the credit industry or debt settlement companies are behind all the negative filing bankruptcy talk. If they could make common folk believe that filing bankruptcy will ruin their life forever, they will be able to keep these people in bondage for the rest of their lives making interest payments for the rest of their lives and never getting out of debt.
One common myth that is seen on many of these websites is that the individual filing bankruptcy will never get credit again. Quite the contrary, considering that filing bankruptcy wipes out debt, a person after a bankruptcy filing will have better debt ratios and be actually capable of taking on more debt. Technically, based on the numbers an individual that is debt free, post bankruptcy filing, should be more attractive to creditors compared to an individual that has their credit cards maxed out and is only making minimum payments. I had a bankruptcy attorney tell me a story of how many of their clients have been flooded with credit card offers shortly after the bankruptcy discharge. Although it's available, it's not a good idea to get sucked back in to financial drama immediately following filing bankruptcy. Before a person takes on any new debt after filing, they should consult with their bankruptcy attorney to see what they think about it. Typically, it's a good idea to just enjoy being debt free and away from all the creditor harassment. Why would anyone want to immediately throw themselves back into the frying pan?
Another myth that creditors want debtors to believe is when they file for bankruptcy a big truck will roll up and take everything they own and sell it at auction to pay their debts. Once again, this falls under crazy talk. First of all, when an individual files for bankruptcy, the bankruptcy attorney will protect as many assets as possible using bankruptcy exemption laws. In fact, in today's weak economy, rarely does an individual lose anything when filing for bankruptcy. If property is non-exempt, the bankruptcy trustee will have to weigh the cost versus reward of selling the non-exempt property. Sometimes it will take more time and effort to sell an item than what can be recovered from it. In this situation, the bankruptcy trustee will usually just let it go. This is another example of why it's important to have a bankruptcy attorney to represent the debtor. The bankruptcy attorney will have experience working with the local court district and know what's expected and what's allowable.
One common myth that is seen on many of these websites is that the individual filing bankruptcy will never get credit again. Quite the contrary, considering that filing bankruptcy wipes out debt, a person after a bankruptcy filing will have better debt ratios and be actually capable of taking on more debt. Technically, based on the numbers an individual that is debt free, post bankruptcy filing, should be more attractive to creditors compared to an individual that has their credit cards maxed out and is only making minimum payments. I had a bankruptcy attorney tell me a story of how many of their clients have been flooded with credit card offers shortly after the bankruptcy discharge. Although it's available, it's not a good idea to get sucked back in to financial drama immediately following filing bankruptcy. Before a person takes on any new debt after filing, they should consult with their bankruptcy attorney to see what they think about it. Typically, it's a good idea to just enjoy being debt free and away from all the creditor harassment. Why would anyone want to immediately throw themselves back into the frying pan?
Another myth that creditors want debtors to believe is when they file for bankruptcy a big truck will roll up and take everything they own and sell it at auction to pay their debts. Once again, this falls under crazy talk. First of all, when an individual files for bankruptcy, the bankruptcy attorney will protect as many assets as possible using bankruptcy exemption laws. In fact, in today's weak economy, rarely does an individual lose anything when filing for bankruptcy. If property is non-exempt, the bankruptcy trustee will have to weigh the cost versus reward of selling the non-exempt property. Sometimes it will take more time and effort to sell an item than what can be recovered from it. In this situation, the bankruptcy trustee will usually just let it go. This is another example of why it's important to have a bankruptcy attorney to represent the debtor. The bankruptcy attorney will have experience working with the local court district and know what's expected and what's allowable.
The author is a professional that formed FilingBankruptcyNow.Com which provides information for debtors considering filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy and helps individuals stop foreclosure and eliminate their debt by putting them in touch with a local bankruptcy attorney.
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