Florida  Bankruptcy  Services

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Bankruptcy Myths

Bankruptcy is difficult. 
There are many rules in bankruptcy and the process may seem confusing, BUT it is not so difficult that you should forego the benefits bankruptcy can afford you. The process is straight forward in most situations.

If I file, I will never get credit again. 
It is possible to rebuild your credit within months of filing bankruptcy. In many cases, clients report having an easier time obtaining credit after the bankruptcy freed them from so much debt.

If I file, I will lose my house, car, pension, IRA, or 401(k).
In Florida, these assets are generally exempt due to several exemptions built into the bankruptcy law so most people who file for bankruptcy do not lose any property at all.

My debts are uncollectible because I am unemployed. 
In Florida, your creditor can sue you for up to five years and collect against you for another twenty years if a creditor obtains a judgment. This means an individual who is 30 years old will have to deal with the creditors until he or she is 55.

If I file, I will lose my job or not get a new job. 
In most cases, employers will not find out about the bankruptcy unless you choose to tell them. Either way, employers are not allowed to fire or refuse to hire someone (or take other adverse action) for filing bankruptcy.

My bankruptcy will hurt my spouse's credit. 
When one spouse files for bankruptcy protection, his or her spouse’s credit is not affected.

Bankruptcy will not help me because I owe taxes. 
While it is true that some taxes will not be discharged, others can be discharged.

Bankruptcy will not help me because I owe student loans. 
While it is true that student loans will not be discharged, the elimination of debt will give you the ability to repay your student loans because they will work with you.

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Florida Bankruptcy Services