Lie #5: You Will Never Be Able to Get Credit Ever Again. (Variations: You Will Never Be Able to Get a Car Loan Ever Again. You Will Never Be Able to Get a Mortgage Ever Again. You Will Never Be Able to Get a Credit Card Ever Again. Banks Will Lock Their Doors When They [...]
Brett Weiss, Maryland Bankruptcy Attorney
Lie 4: You Will Never Be Able to Own Anything Ever Again. Truth-o-Meter: A surprising number of people believe that once you file for bankruptcy, no one will ever loan you money or give you a credit card, a car loan or a mortgage, and you will be permanently destitute, living on the street….but this [...]
Top 15 Lies About Bankruptcy Lie #3: If You File for Bankruptcy, You’ll Lose Everything You Have. Truth-o-Meter: In the vast majority of cases, nothing could be further from the truth. The fact is that most people who file bankruptcy don’t lose anything except their debts. First, while laws vary from state to state, every state [...]
Top 15 Lies About Bankruptcy Lie #2: Everyone Will Know You Filed for Bankruptcy Truth-o-Meter: Unless you’re a prominent person or a major corporation and the filing is picked up by the mainstream media, the chances are very good that the only people who will ever know that you filed for bankruptcy are you, your [...]
Top 15 Lies About Bankruptcy Lie #1: Congress Ended Bankruptcy in 2005 Truth-o-Meter: Even though the 2005 amendments to the Bankruptcy Code known as “BAPCPA” were passed a long time ago, we are still hearing a lot of misinformation about this. Some of the worst falsehoods that bill collectors still are saying are: The [...]
You want to save your home. Which is the best way to stop a foreclosure, get caught up on your monthly payments, and save your home? Is it loan modification? A workout? Or a bankruptcy? A recent article, “The Home Ownership Experience of Households in Bankruptcy” by Professor Sarah W. Carroll, of the University of [...]
