While no one wants to find themselves contemplating bankruptcy, sometimes factors beyond our control make it seem unavoidable. However, there are actually several options other than filing for bankruptcy. Bankruptcy is a huge, drastic step, and should only be considered as the last option. You should first investigate all your other options thoroughly.
Remember that if bankruptcy turns out to be the best or only option available to you, you still shouldnt go it alone. It doesnt matter whether its personal bankruptcy or business bankruptcy. The counsel of a good bankruptcy lawyer is vital to understanding the laws in your state, since the bankruptcy laws are different from state to state. This person will be familiar with the process of filing a claim and will be able to help you get through the sometimes bewildering heaps of paperwork involved.
Dana Ehrlich, Attorney at Law, San Angelo, TX::
Many people have a misconception that if you file bankruptcy then you may keep the . Better yet, get a note and be sure to specify the correct amount,
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Many people assume false things about bankruptcy. Here are some common misconceptions about the process, and the real truth.
Case No. VSO-0227, 27 DOE ΒΆ 82798 (H.O. Schwartz March 26, 1999)::
Nor do I find that the individual's misconceptions about surrendering the Similarly, the proposed filing for bankruptcy does not mitigate the DOE's
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The Leadership Council - Articles on Abuse and Custody::
Common Misconceptions in Addressing Domestic Violence in Child Custody forced to file bankruptcy as a result of filing for custody of their children.
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Misconception #1: When you file for bankruptcy, youll lose everything
There are actually several different types of bankruptcy. A qualified lawyer can help you understand the difference between them. Depending on how you choose to file, you may not lose anything at all. Many people who file for bankruptcy are actually able to retain all their property, and even get caught up on their overdue payments. Bankruptcy is a way to help you deal with your debts when it becomes impossible to do anything else. Learn about your different options and choose the one that works best for you. You may be able to retain everything you own.
ACA - Understanding E-OSCAR::
A common misconception is that data furnishers think they have 30 days to to an ACDV by mistake, do not attempt to correct it by issuing another AUD.
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Misconception #2: My bankruptcy will become public knowledge
While bankruptcy is a matter of public record, no one goes looking for these records. Therefore, the only people wholl know about your bankruptcy are the people you choose to tell. Only your creditors will know, unless you choose to tell someone else. Your creditors are prohibited from telling anyone else. This makes your bankruptcy as public or private a matter as you choose.
Misconception #3: I wont be able to get credit ever again
Some people think that from the moment they file bankruptcy, all purchases are cash only. This isnt true. Filing will put a mark on your credit report that stays for seven to ten years, its true. However, youll probably find yourself inundated with secure credit card offers, and other offers to help you get your credit score back up. Be careful with them, though. They charge very high interest rates and penalties. Careful use of these kinds of offers can help get you back on your feet, credit-wise, as long as you dont get carried away.
Misconception #4: Filing for bankruptcy is very difficult or even impossible
While recent changes to the laws have made it a lot more difficult to file for bankruptcy than it used to be, that doesnt mean you cant do it. Its a tedious and difficult process, and a knowledgeable lawyer certainly helps. However, if youre educated and know your options, filing for bankruptcy doesnt have to be a horrible experience. Remember that the more you know, the more power you have over your situation. The recent laws are in place to prevent abuse, but they dont prevent people with legitimate needs to file bankruptcy from doing so. Consult with your lawyer about any concerns you may have.
 My rights and duties- employer asks me to provide testimony in its civil lawsuit
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Correcting the Common Misconceptions About Filing Bankruptcy