Dumb Little Man | Tips for Life

Hopefully this message only pertains to a small percentage of our readers. This morning Bankrate writes about the 12 myths floating around about filing for bankruptcy. If this is something you are contemplating, I would not only review these myths, but I would also do a lot of homework. It seems that there are a ton of firms that take advantage of people with severe financial problems.

• Everyone will know I've filed for bankruptcy.
  
• All debts are wiped out in Chapter 7 bankruptcy.
  
• I'll lose everything I have.
  
• I'll never get credit again.
  
• If you're married, both spouses have to file for bankruptcy.
  
• It's really hard to file for bankruptcy.
  
• Only deadbeats file for bankruptcy.
  
• I don't want to include certain creditors in my filing because it's important to me to pay them back someday and if the debt is discharged, I can't ever repay them.
  
• Filing for bankruptcy will improve my credit rating because all those debts will be gone.
  
• You can't get rid of back taxes through bankruptcy.
  
• You can only file for bankruptcy once.
  
• I can max out all my credit cards, file for bankruptcy and never pay for the things I bought.

If you need more information, Here the US Bankruptcy Court site where you can get additional non-bias info.