Redwood City Bankruptcy: Misconceptions of Bankruptcy

Three Misconceptions of Bankruptcy

Many Redwood City residents considering bankruptcy worry about rumours affiliated with filing bankruptcy. Here are the top three:

1. I'll lose everything I have.
While the bankruptcy laws vary from state to state, every state has exemptions that protect certain kinds of assets, such house, car (up to a certain value), money in qualified retirement plans, household goods, and clothing. Most people will pass through a bankruptcy case and can still keep everything. For California residents, most generally keep more of their property than citizens of other states. Please call Sagaria Law for a bankruptcy consultation with a knowledgeable attorney in Redwood City.

2. Everyone will know I've filed for bankruptcy.
The only people who will know another person has filed for bankruptcy are creditors and co-debtors.  While it's true that bankruptcy is a public legal proceeding, the number of people filing is so massive that very few publications have the space, the manpower or the inclination to run all of them.

3. "All debts are wiped out in Chapter 7 bankruptcy."
Not all debts are cleared in Chapter 7 bankruptcy, only a specific ones, including child support, alimony, government-issued or government-guaranteed student loans, and debts incurred as the result of fraud or in an auto accident in which the driver was under the influence. 


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