10 Myths About Filing Bankruptcy

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10 Myths About Filing Bankruptcy. France Law Group , LLC 419.725-9300 www.bankruptcy-toledo.com. Myth #1 Successful people dont file for bankruptcy!. Everybody faces unexpected financial challenges Celebrity Bankruptcies Stephen Baldwin Donald Trump Henry Ford Kim Basinger - PowerPoint PPT Presentation

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10 Myths About Filing Bankruptcy

10 Myths About Filing BankruptcyFrance Law Group, LLC419.725-9300www.bankruptcy-toledo.com

We are a debt relief agency. We help people file for relief under the bankruptcy code.Everybody faces unexpected financial challenges

Celebrity BankruptciesStephen BaldwinDonald TrumpHenry FordKim BasingerAbraham LincolnWalt DisneyLarry KingWillie NelsonDorothy HamillBurt ReynoldsRembrandt France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com

Myth #1 Successful people dont file for bankruptcy!

We are a debt relief agency. We help people file for relief under the bankruptcy code.You will likely receive many post filing credit offers. You cant file Chapter 7 again for 8 yearsYour debt levels post-filing are likely very low.

TIP: Be choosy, read fine print, waitBeware of auto dealers & credit cards offering high interest rates.As time passes, your credit score will improve and you may become eligible for lower credit interest rates.

France Law Group, LLC 419.725.9300 www.bankruptcy-toledo.com

Myth #2 After bankruptcy, I will never get credit again!We are a debt relief agency. We help people file for relief under the bankruptcy code.

Many debtors are able to keep cars & homeChapter 7 is liquidation, however exemptions exist to help debtors protect certain assets.

Helpful Tips:Stay current on home/car loansLet your attorney know about any equity in your home or car.

France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.comMyth #3 I will lose my home & car if I file bankruptcy!

We are a debt relief agency. We help people file for relief under the bankruptcy code.No specific law requires a time period for bankruptcy to remain on a credit report.Varies by credit reporting agencyIndividual creditors view bankruptcy differently

France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.comMyth #4Bankruptcy is on my credit report for 8 years!

We are a debt relief agency. We help people file for relief under the bankruptcy code.Court filing fees are per case, not per person Filing as married couple will save an extra filing feeOK to file separatelyOK to file when married, but living separately too.

TIP: Divorce decrees trump BankruptcyBe mindful of what you promise in divorce decree

France Law Group, LLC 419.725.9300 vvwww.bankruptcy-toledo.com

Myth #5: I should wait to file until my divorce is finalized!

We are a debt relief agency. We help people file for relief under the bankruptcy code.If you cant wait, other options may be available8 year waiting period between Chapter 7 filingsTime begins accruing on filing date

Options (during interim period)Chapter 13 bankruptcy (repayment plan)Creditor negotiations

France Law Group, LLC 419.725-9300 www.toledo-bankruptcy.comMyth #6 I cannot file a bankruptcy for another 8 years!

We are a debt relief agency. We help people file for relief under the bankruptcy code.There is no proof that either Chapter 7 or Chapter 13 is better for your credit rating.

TIP: Ask your attorney whether a debt consolidation plan is appropriate? This may affect your credit score differently.

France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com

Myth #7 Chapter 13 is better for my credit rating!

We are a debt relief agency. We help people file for relief under the bankruptcy code.Bankruptcy laws are here to help you recover from periods of hardship.Common reasons why people file bankruptcyMedicalJob LossHome ForeclosureDivorce

France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.comMyth #8 Only irresponsible people file bankruptcy!

We are a debt relief agency. We help people file for relief under the bankruptcy code.Generally, debts owed to government are NOT dischargeableStudent loansTaxesOverpayment of BenefitsCourt fines/costsRestitutionNarrow exception pertaining to student loans exists.Extreme hardship cases

France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.comMyth #9 Student loans are dischargeable.

We are a debt relief agency. We help people file for relief under the bankruptcy code.Not everyone qualifies for Chapter 7Your attorney will examine your current household budget and the last 6 months of paystubs to determine eligibility.

France Law Group, LLC 419.725-9300 www.bankruptcy-toledo.com

Myth #10 I automatically qualify for Chapter 7.We are a debt relief agency. We help people file for relief under the bankruptcy code.