Roseville Bankruptcy: Myths of Bankruptcy 7-10

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:

7.  Only deadbeats file for bankruptcy.

Not at all.  Most of our Roseville clients have suffered an unexpected, life-altering change and use bankruptcy only as their last resort.  Major medical illnesses, lost jobs, and divorces are some of the more common reasons for a bankruptcy rather than laziness.

8.  I shouldn’t include certain creditors because its important to me to pay them back someday, and, if a debt is discharged, I can’t repay.
Often our Roseville clients come to us with this noble sentiment.  Trust us, your creditors will be more than happy to take your money after bankruptcy, and no special arrangements must be made.  On the other hand, you must report all creditors because by law bankruptcy is an all-or-nothing deal.

9.  Filing for bankruptcy will improve my credit rating because my debts will be gone.  This is like an add on late night T.V. for an unscrupulous lawyer.  In reality, bankruptcy is always the single worst negative entry on a credit report.  What might be true is that bankruptcy is the single best option for you to restore your financial health and with it your credit, but saying that bankruptcy is good for your credit rating is more than an oversimplification; it is inaccurate.

10.  You can file for bankruptcy only once.
No, but recent law did lengthen the wait times between filings.  Now, you can file for Chapter 7 only every eight years and Chapter 11 every two years.  The wait between a Chapter 7 and 11 filing is four years.

Still, Sagaria Law’s goal is to help you make a plan to avoid repeat filings.  Multiple bankruptcies are really bad," Rosenberg says. "Many people get into the habit of once they've done it, it becomes a way of life. This is not good for your karma." Or your credit rating for that matter.  Call Sagaria Law in Roseville today so that we can establish a strategy for your long term financial security.

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