Bankruptcy Myths that might surprise you:
In the current economic climate, many individuals are seeking debt relief by declaring bankruptcy. Any person considering filing for bankruptcy should inform himself or herself about the facts of bankruptcy. The bankruptcy attorneys at Bailey & Gunderson have found that there is much erroneous information that circulates on the subject of bankruptcy, and some of the myths may include the following:
Chapter 7 Bankruptcy Allows the Discharge of All Debts
Chapter 7 bankruptcy allows the discharge of certain personal debts like credit cards, lines of credit, personal loans and promissory notes. However, certain debts are not dischargeable such as child & spousal support, some income taxes, student loans, damages following an automobile accident where alcohol was involved, and unpaid court fines.
Everything Will be Lost in Bankruptcy
There are bankruptcy exemptions that will allow you to keep certain assets. The exemptions will protect your assets from creditors. Certain life insurance policies, retirement plans, certain wages, certain real estate, certain automobiles, tools you may use for work, and household items & furniture are examples of assets you may retain under the bankruptcy exemptions.
I Make Too Much Money to File Bankruptcy
Your income is a consideration in a bankruptcy. Income over a certain level may prevent you from filing a Chapter 7 bankruptcy, however, you may be able to file a Chapter 13 bankruptcy to effectively deal with your debt problems. The bankruptcy attorneys at Bailey & Gunderson can advise you which bankruptcy you are eligible to file and why.
No Credit is Available after Bankruptcy
It is important to rebuild and re-establish your credit following bankruptcy. The bankruptcy attorneys at Bailey & Gunderson can advise you about the proper steps to take after filing for bankruptcy that will assist you with rebuilding your credit, and avoid having you get into credit trouble again. The attorneys at Bailey & Gunderson have filed over 1,000 bankruptcy cases. We offer a free initial consultation, and reasonable payment plans for our bankruptcy clients.
Since 1995, the law firm of Bailey & Gunderson has assisted bankruptcy clients in the greater Cincinnati area (Hamilton, Clermont, Butler, Warren, and Brown Counties). If you have questions or need information about bankruptcy, please call 513-631-0022, or email us.
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We are a debt relief agency. We help people file for relief under the bankruptcy code.
