Common Bankruptcy Myths
Learn the Truth from Our Jacksonville Bankruptcy Lawyer
Many individuals and families who find themselves deep in debt may qualify to file for bankruptcy but avoid doing so, even when it would help them. The main reason for this is that there are many myths about bankruptcy which generally cause people to shy away from it. Roger A. Moore, Attorney at Law, strives to bring truth to the matter and help erase the stigma. Bankruptcy is not a “good guy-bad guy” thing. People file for bankruptcy for innocent reasons such as sickness in the family or death in the family, or they file because other people who owe them money filed bankruptcy.
Providing Valuable Answers & Insight
Anyone who is considering filing for bankruptcy should make an informed decision. Whether you are in a dire financial situation or are concerned about a family member who is, learning the truth about common myths can provide valuable insight.
A few of the most common myths about bankruptcy are:
- You have to give up your assets in Chapter 7: In Chapter 7, the only assets liquidated are those which are non-exempt. Items which are considered essential, such as your vehicle or home, are not taken away in most cases based on their valuations.
- You can only file jointly if you’re married: You do not have to file with your spouse, even if you are married. You can choose to file your petition as an individual.
- You must have a certain amount of debt: There is not a limit on how much or little debt you must have to qualify for bankruptcy, but you may need to pass the means test for Chapter 7.
- You can never discharge taxes with bankruptcy: It is untrue that taxes can never be discharged through bankruptcy. In certain situations and under specific timeframes, some taxes may qualify for discharge.
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