Bankruptcy Secrets

 

Secret #1 - Most people do not loose their personal possessions through bankruptcy

Although it is true that you may be required to surrender your property there are provisions within the Bankruptcy Code called exemptions that were placed there to protect your property.

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Secret #2 - I am a failure for filing bankruptcy and the world will look down upon me.

Did you know that Walt Disney and Laugh-o-Gram Films were forced into bankruptcy in October 1923? Walt lost the rights to Oswald the Lucky Rabbit. At that point Walt thought his career was over and he along with his wife moved to California. Walt at that point took Oswald and gave him a “fresh start” and created Mickey Mouse. The rest is history as they say. Walt and many others including President Harry Truman and Donald Trump had to look to the courts for assistance through bankruptcy to get their financial life back on track.

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Secret #3 - I will never qualify for credit again post-bankruptcy

You will begin to receive credit offers before you are even discharged. Although with a bankruptcy on your record you can get credit. The side effect of the bankruptcy is that you will probably be at a higher interest rate or down payment until re-establish your credit again. How do you that? Being smart is the first step. You do not run out and charge up lines of credit again. You pay your existing car payment or house payment on time each and every month. Not within the grace period or within the 30 days, on time each and every month and your credit will begin to rebuild.

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Secret #4 - I do not have enough debt and/or money to file.

There is no income requirement for a Chapter 7. In addition every debtor’s situation is unique. For one person $5,000 worth of debt may be manageable. For another debtor $5,000 may be strangling them each and every month and preventing them from putting food on the table or taking their prescriptions because they cannot to purchase them.

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Secret #5 - My spouse will hate me because I am ruining his/her good credit.

If your spouse has good credit then you probably have separate lines of credit without them on it. If this is true and your spouse is not financially liable for your debt, you can file bankruptcy and not include your spouse. This way you can discharge your debt and your spouse can KEEP their good credit.

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Secret #6 - The new bankruptcy law has removed the option of Chapter 7.

Your creditors would love for you to believe this; however it just is not true. It is true that it may be more difficult for you to qualify for a Chapter 7 but the new legislation has not eliminated the Chapter 7 provision. The only way to know whether or not you qualify is to speak to a qualified attorney. Attorney Jamie Ryke can help you answer any questions you might have about Chapter 7 Bankruptcy and help you get a Fresh Start.

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Secret #7 - I will lose my retirement benefits in bankruptcy

If your plan truly qualifies as an IRA or 401(k) or other pension plans your retirement will be protected from the creditors. Call Attorney Jamie Ryke today and learn more about retirement benefits in bankruptcy. 1-877-44-START

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Secret #8 - I filed a Chapter 7 before and now I do not qualify

The short answer to that is it depends. It depends on how long ago was your filing. Was it more that 8 years ago? Did you get a discharge or was your case dismissed? Do you qualify for a Chapter 7 today or would a Chapter 13 be better for you? The only way to know for sure is to speak to a professional like Attorney Jamie Ryke. Call today for a free consultation.

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Secret #9 - Everyone will know that I filed bankruptcy.

The fact is that the filing is public record. The question you must ask yourself is does your local paper print the bankruptcy filings in the public notice section. If you live in a small town then your neighbors might find out. However, if you live in a metropolitan area your neighbors, employer or family members may never find out that you filed bankruptcy until you tell them. Many of my clients say that when they spoke to friends the reaction was not that the friends were surprised the client filed but rather the client was surprised that the friend filed and the client never knew about it.

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