The prospect of filing for bankruptcy is thought by many to be frightening and humiliating. In the view that has been sown and spread by creditors and neighborhood gossips everywhere, a bankruptcy filing represents a personal failure of the greatest magnitude. The reality of the matter is that most people are driven to bankruptcy not as a result of their own recklessness and irresponsibility but as a consequence of adverse life events that are largely beyond their control. Medical bills, for example, are one of the leading triggers for personal bankruptcy. Divorces, job losses, natural disasters, and serious accidents can also prompt one to consider bankruptcy protection.
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Without having a proper understanding of what a successful bankruptcy filing will and will not accomplish there is little hope that you will be able to make the right decision for your own unique circumstances. Though you can certainly educate yourself about some bankruptcy basics, it is difficult to gain a full view of the situation without consulting with a skilled and experienced bankruptcy attorney.
Five Frequently Held Misconceptions
Creditors and their advocates have been overwhelmingly successful in their efforts to prevent debtors from being adequately informed about the debt resolution options that are available to them. The following are five of the most widely held notions regarding bankruptcy:
Chapter 7 Bankruptcy erases all debts - child support, student loans, and other classes of debts cannot be discharged
A bankruptcy filing requires an individual to sell all of his or her property - debtors are able to retain all of their property in most cases
Access to credit will be forever lost - you can gain access to many high interest credit options shortly after filing for bankruptcy, and in the long run bankruptcy filing can help you to rebuild your credit record
Members of the community will judge me - since a bankruptcy proceeding is conducted in the United States Bankruptcy Court, the matter becomes a public record, but unless you tell people about your filing or are seeking new credit or other opportunities it is unlikely that the issue will ever arise
Chapter 13 filings require full repayment of debts - a Chapter 13 bankruptcy plan requires that an individual make all the payments pursuant the terms of an agreed payment arrangement and this may be for any portion of the outstanding debt.
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