After you've tried to get rid of debt using all your available recourses, but are still getting deeper in debt. And in over your head. You may be considering bankruptcy. This is a huge step, because it will follow you for ten years, bankruptcy can allow folks to start their lives over, and be free from constant harassment from creditors. After searching hi and low I've come up with Tree of the most common myths about bankruptcy.
Myth #1 You Can Lose Your Job
FALSE, FALSE, FALSE. Your boss can not fire you just because you filed for bankruptcy. The only way filing for bankruptcy is going to cost you your job, is if you get so preoccupied with the procedure of filing bankruptcy, and can't do your job to the company standards, then you can lose your job. But not just on the bases of filing. A bankruptcy attorney can handle most of the process, and at a reasonable rate, so you can focus on other things, such as keeping company standards.
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Myth: #2 Filing for Bankruptcy Yourself? Not possible
FALSE, FALSE, FALSE. If you're filing for bankruptcy in the first place then I'm assuming you don't have a lot of money. I didn't. So keep the cost of bankruptcy to a minimum, you can file for bankruptcy yourself. But just know I told you so, there is more paper work then buying a house, and you have a real-estate agent for that. If you are going to take on the job, you should be convinced you know what you are doing. Hiring a bankruptcy attorney will leave less room for inaccuracies and make the hole ordeal less hectic on you. With the internet you should be able to find a good local attorney that specializes in bankruptcies at an affordable price.
Myth: #3 You Always Lose Your Credit Cards After Bankruptcy
If during a bankruptcy you discharge (get read of) the negative balance on your credit card, your account will be closed. If your card shows no balance, then it's the companies that make the decision if you can keep the credit card or not. But if you want to keep a particular credit card, I would get in touch with the company to see if they will work with you in your situation.
Just my opinion, but stay away from those secured credit cards. All your doing is using your own money that the card company is holding for you, and guess what when you max out the card you can't ask for your money back, get it secured. The limit on your credit card will match the amount of funds that they allow you to put towards the card as security. This limit will; slowly begin to rise, if you're a good and reliable credit user, Showing the bank that you are responsible with your payments. However they really nail you with outrageous costs and fees associated with these using these secured cards.
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