Sacramento Bankruptcy: Top Bankruptcy Myths 1-3

Sacramento residents share many common misconceptions about bankruptcy.  Here, we dispel some of those myths:

1)  Everyone will know I have filed for bankruptcy.

Most likely the only people who will know about your bankruptcy filing will be your creditors unless you are a prominent person or major corporation and the media picks up the story.  Bankruptcy is a public legal proceeding; however, so many people file bankruptcy that few publications have the space, manpower, or desire to even mention them all.

2)  All debts are wiped out in a Chapter 7 filing.

Unfortunately, no.  Many types of debts cannot be dischargeable:  child support, alimony, government-issued or -guaranteed student loans, and debt incurred as a result of fraud.  Likewise, judges are unlikely to discharge debts incurred from legal settlements or judgments against you.

3)  I will lose everything if I file bankruptcy.

This unfortunate misconception stops many people who really should consider bankruptcy from moving forward.

Bankruptcy laws very state to state, but every state has protections for certain assets such as home and car (up to certain limits), qualifying retirement accounts, household goods and clothing.  “For most people, they’ll pass through a bankruptcy case and keep everything they have,” according to John Hargrave, a bankruptcy Trustee in New Jersey.  Those with a mortgage or car loan will keep their house or car as long as they pay the bills just like everyone else.

Call Sagaria Law of Sacramento today for your consultation with one of our experienced attorneys who specialize in bankruptcy.
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