Our Ft. Lauderdale Bankruptcy Lawyer Clears Up the Myths of Bankruptcy

For many, their knowledge of bankruptcy comes from hearsay, rumors and losing at Monopoly. However, the reality is often far less intimidating and far more positive than you may have heard. The best way to go into bankruptcy with realistic expectations is to learn all that you can so you can ignore the myths and then act based on facts. Ft. Lauderdale bankruptcy lawyer Jeffrey Solomon can give you even more information about the process.

Bankruptcy Myths

The following list contains the top 20 misconceptions about bankruptcy that are not true:

1. If you did not file bankruptcy before October 17, 2005 (the year new laws that updated bankruptcy requirements went into affect), you can no longer file bankruptcy.
2. Congress has repealed the bankruptcy laws.
3. Only the rich can afford to file bankruptcy.
4. You cannot discharge any credit card debts under the new bankruptcy law.
5. Most individuals must file a Chapter 13 Bankruptcy with a payment plan for creditors.
6. Bankruptcy will force you to give up your home, car, furniture and all other assets.
7. You can keep any vehicle regardless of how much equity is in the vehicle.
8. The IRS will audit you if you file bankruptcy.
9. You can no longer protect your home from foreclosure by filing bankruptcy.
10. You must pass a written test before and after filing bankruptcy.
11. You will never be able to obtain credit or buy a home or vehicle.
12. You will never be able to rent an apartment.
13. You do not have to list all of your debts. You can leave out debts you want to pay.
14. If your former spouse files for bankruptcy on a joint debt, his or her bankruptcy will discharge your obligation on that same joint debt.
15. If a relative or friend has possession of the property and he/she is making payments on a property in your name, you do not have to list the debt.
16. You can leave off certain assets from your list.
17. You will no longer have to pay child support or alimony payments.
18. You can keep your home without making mortgage payments.
19. You can transfer your property before filing bankruptcy.
20. You can spend all you want with credit cards before filing for bankruptcy with no repercussions.

It is just as important not to believe untrue negative rumors surrounding bankruptcy as you need to know what you must do. At the Law Office of Jeffrey Solomon, we have years of experience with the ins and outs of bankruptcy law. Contact our Ft. Lauderdale bankruptcy attorney for answers to all of your questions.