Roseville Bankruptcy: Myths of Bankruptcy 1-3

One of our goals at Sagaria Law is to educate our Roseville clients so they can make the best decisions now and in the future.  In that spirit, we dispel the following myths:

1.  Everyone will know I have filed for bankruptcy.
This is true only for those in the public eye or for corporations where the media picks up the story on the filing; otherwise, you and your creditors are likely to be the only one aware.  Bankruptcy is technically a public, legal proceeding, but, in practice, media companies lack the time or inclination to cover all or even most of the more than 1,000,000 bankruptcy filings each year.  The truth is that most people will be much less interested than you think they will be.

2.  All debts are wiped out in Chapter 7 bankruptcy.
We wish we could tell you this was the case.  In fact, debts incurred from fraud, child support, alimony, and student loans most often cannot be discharged.  Likewise, judges rarely discharge debts from a legal judgment or settlement from a prior lawsuit.

3.  I’ll lose everything I have.
We are happy to tell you this is not the case.  This unfortunate myth is why many delay researching their bankruptcy options.  

State laws all grant exceptions for certain assets such as a house, car, retirement plan, and clothing, though the states vary with regards to exact amounts of equity which are exempted.  "For most people, they'll pass through a bankruptcy case and keep everything they have," says John Hargrave, a New Jersey bankruptcy Trustee.  Just like the rest of us, as long as you keep paying your mortgage and car payment you can keep these assets.

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