5 Myths About Bankruptcy

5 Myths about Bankruptcy

A married person can’t file for bankruptcy without their spouse.
- False! A married person can file for bankruptcy without the other spouse, but you’ll need 6 months of paycheck stubs from your spouse to determine if you qualify.
SBA loans are not dischargeable in bankruptcy
- SBA loans are no different than any other loan and can be discharged in bankruptcy.
I will not be able to keep my house and my car if I file.
- It depends on the circumstances. Very often you can retain ownership of your home and car when you file bankruptcy.
I will not be able to purchase anything in the future
- Not true. Sometimes clients find it easier to get credit after filing bankruptcy.
If I can’t afford my mortgage payment the bankruptcy will help me keep my house.
- Bankruptcy can help you keep your home by spreading past due payments out over time. However, if you cannot afford your monthly payment amount, the bankruptcy will not help.

“If a creditor continues to contact you after we file
for you, you can bring charges against them
and you may receive compensation.”