Bankruptcy Myths

There are many misconceptions regarding bankruptcy that affect a person’s decisions on whether they should file for bankruptcy protection or not.  When considering bankruptcy, it is best to obtain advice from a professional San Antonio bankruptcy lawyer who has the legal expertise to answer all your questions.

At the Malaise Law Firm, we have the knowledge you will need to fully discuss your options when it comes to dealing with your debt and finding out if bankruptcy is right for you.  There are common myths abounding, which we will answer for you briefly.

All my debts can be eliminated with bankruptcy.

Although you can discharge quite a few types of debt, certain ones such as child support, alimony, taxes and student loans are still owed and cannot be discharged through any type of bankruptcy.

My credit will be ruined for 10 years.

Although a bankruptcy will appear on your credit history for 10 years, your credit rating will begin to improve as time goes by and you re-establish your credit.  Your credit was probably already affected considerably if you had late payments or any wage garnishments or lawsuits.

Bankruptcy is hard to get through and qualify for.

When you have an experienced bankruptcy lawyer working with you, the most difficult part of it will be in making your own personal decision as to whether  to file or not.  Your attorney will help you with determining which filing is right for you and will take care of all the legal paperwork.

I will lose everything  I own.

Most bankruptcies do not affect your being able to keep all of your assets.  Many assets are protected by bankruptcy exemption laws.  In fact, the majority of people who file for bankruptcy give up none of their assets.

I will not be able to get credit again.

Not so.  Although  you will pay higher interest rates for a time, you will begin getting credit offers shortly after your filing.