Sacramento Bankruptcy: Top Bankruptcy Myths 4-6

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

4)  I’ll never get credit again.

Fortunately, the opposite is true.  Perhaps too soon, credit card offers will appear in the mail.  Unfortunately, most will be from sub-prime lenders who will offer very high interest rates.  “There are innumerable companies that will provide credit to you,” says California bankruptcy attorney and Trustee Howard Ehrenberg.  “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.

If buying a house or a car is already in the cards for you, it may be wise to do so before you file bankruptcy since after a filing these loans will be more difficult to get and the higher interest rate could have a significant effect on payments.  Likewise, credit cards with a $0 balance are not creditors since you don’t owe them any money yet, and these cards can be kept after you have filed bankruptcy. 

5)  If you are married, both spouses must file for bankruptcy.

This is not always the case.  “It’s not uncommon for one spouse to have a significant amount of debt in their name only,” Hargrave says.  On the other hand, if spouses share debt in both of their names and want to discharge, they should file together or creditors can simply demand full payment from the spouse who did not file.

6)  It is really hard to file for bankruptcy.

Actually it’s not.  Technically, filing doesn’t even require an attorney; however, it is generally not recommended to go through bankruptcy without one.

Sagaria Law’s experienced Sacramento bankruptcy attorneys are a phone call away.  Call today to schedule your consultation.

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