TOP 4 Bankruptcy MYTHS
DON'T FALL FOR THESE TRAPS
MYTH #1
If I file Bankruptcy I will not be able to buy a house for at least 10 years.
NONSENSE. Over the last 5 years, the ability to own a home after filing Bankruptcy has become very common.
There are several mortgage companies that will loan you money for a new home within 24 hours of your Bankruptcy being filed.
After filing for bankruptcy, you automatically qualify for a special home mortgage program through the FHA and VA home mortgage programs. The program has been set up by the government to provide bankruptcy filers new home loans at the same interest rates as people with great credit. You have to wait at least one year after filing to qualify but it is an excellent program.
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MYTH #2
I will lose my job or security clearance.
NONSENSE. You can not lose your job because you file Bankruptcy.
It would be no different then being fired because of your race or religion.
It is a violation of Federal Law.
If you have a government job that requires security clearance we can show you how it won't affect your clearance either. We have clients that have top security clearances and are able to keep their clearance and their jobs.
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MYTH #3
You must be broke in order to file Bankruptcy.
If you wait until you are broke you may have waited too long. Bankruptcy is designed for you to keep your house, car and all your personal belongings.
People have lost their house and cars that Bankruptcy would have saved.
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MYTH #4
If I file Bankruptcy I will be cheating the people that I owe.
FALSE!
Bankruptcy is based on the teachings of the bible in the Old Testament (Deuteronomy 15:1-3).
It says that you should forgive your debts every seven years.
The idea of bankruptcy is to get you out of a crushing financial situation so you can be more productive and move on with your life.
Bankruptcy does not mean that you are a cheat or cheater. You can always go back and pay your debts when able or you can pay what you can when you can but you will not be liable by law to pay.
Make sure you don't fall victim to misinformation.
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