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People's Law Guide

 

Myths Of Filing Bankruptcy

Jeffrey Solomon, Esq.
Website

11/29/11

There are numerous myths about the rights of individuals to file bankruptcy and the consequences of filing. The following is a partial list: 1. You can no longer file bankruptcy if you did not file before October 17, 2005. 2. The bankruptcy laws have been repealed by Congress. 3. Only the rich can afford to file bankruptcy. 4. You cannot discharge any credit card debts under the new bankruptcy law. 5. Most individuals must file a Chapter 13 bankruptcy with a payment plan for creditors. 6. You will have to give up your home, car, furniture, and all other assets. (It is necessary to review the value of your assets and exemptions from creditors with your attorney). 7. You can keep any vehicle no matter how much equity is in the vehicle. 8. You will be audited by IRS if you file bankruptcy. 9. You can no longer protect your home from foreclosure by filing bankruptcy. 10. Before you file bankruptcy, you must pass a written test. 11. You will never be able to obtain credit or buy a home or vehicle. 12. You will never be able to rent an apartment. 13. You do not have to list all of your debts. You can leave out debts you want to pay. 14. If your former spouse files for bankruptcy on a joint debt, his or her bankruptcy will discharge your obligations on that same joint debt. 15. If property is in your name, but a relative or friend has possession of the property and is making the payments, you do not have to list the debt. 16. You do not have to list all of your assets. 17. You can eliminate child support and alimony payments. 18. You do not have to make mortgage payments to keep your home. 19. I can transfer my property and then file bankruptcy. 20. I can run-up my credit cards right before filing bankruptcy without any problems. The above information is for general information and cannot be relied upon as legal advice. Jeffrey Solomon is currently Section Chair of the Broward County Bar Association Bankruptcy Section. He is a member of the Bankruptcy Bar Association for the Southern District of Florida and the National Association of Consumer Bankruptcy Attorneys. He has lectured on the new bankruptcy law. He can be contacted at 954-967-9800, or at solomonjeffrey@hotmail.com. His website is located at www.solomonlawoffice.com. As required by an act of Congress to disclose, the Law Office of Jeffrey Solomon is a debt relief agency. We help people file for relief under the Bankruptcy Code. Jeffrey Solomon is the 2006 Chairman of the Broward County Bar Association Bankruptcy Section. He practices in Hollywood, FL., and can be reached via the web at solomonjeffrey@hotmail.com

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