Roseville Bankruptcy: Myths of Bankruptcy 4-6

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:

4.  Filing bankruptcy will mean I can never get credit again.
In fact, after you file bankruptcy you cannot re-file for 8 years, and lenders usually take advantage of this to offer you loans.  Beware sub-prime lenders, however, as their high interest rates can get you back into credit problems.  "There are innumerable companies that will provide credit to you," says Howard Ehrenberg, a California bankruptcy attorney and trustee. "I don't advise any of my clients to run out and run up the bills again, but if someone does need an automobile, they can go and will be able to get credit. You don't have to go underground or something to get money."

Still, there are certain strategies you can put in place to make life easier post-bankruptcy.  If you are already planning to buy a house or car, it might be better to do that before you file, while you can potentially take advantage of lower interest rates and easier credit.  Also, credit cards that don’t carry a balance can be kept since they are not technically a creditor until you owe money on the card.  That way, you can keep the terms and credit line from the card.

Sagaria Law has comprehensive debt-management strategies that give our clients the best options both pre and post-bankruptcy.  Call today for consultation to learn more.

5.  If you’re married, both spouses must file bankruptcy.
Not always.  "It's not uncommon for one spouse to have a significant amount of debt in their name only," Hargrave says.  In other circumstances, spouses have debts in both of their names.  In these cases, they should file together or the creditor will simply collect from the spouse who does not file. 

6.  It is really hard to file bankruptcy.
Although we take pride in understanding all the detailed nuances of a bankruptcy filing, the fact is that for most of our clients it is a painless process.  In fact, you technically don’t even have to have an attorney; though, we wouldn’t recommend you act without exploring your options with a qualified bankruptcy attorney.

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