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  • Facts versus Misconceptions about Bankruptcy (Part 1)

    If you are getting ready to file for bankruptcy, take some time to review these facts about bankruptcy so that you are fully aware of what bankruptcy entails.

    If you are getting ready to file for bankruptcy, take some time to review these facts about bankruptcy so that you are fully aware of what bankruptcy entails.

    Those going through bankruptcy for the first time (or those who are filing again when their previous bankruptcy was years ago) will likely not know what to expect in terms of the process or the specific outcomes, especially considering all of the misconceptions about bankruptcy that are out there. If you are getting ready to file for bankruptcy, take some time to review these facts about bankruptcy so that you are fully aware of what bankruptcy entails and how it can give you a financial fresh start.

    Common myths about bankruptcy include the following:

    1.   Myth: A bankruptcy will be a blight on my credit report for the rest of my life.

    Fact: Although filing for bankruptcy will appear on your credit report for up to 10 years, in many cases, credit bureaus can remove a bankruptcy from your credit report after about 7 years. During this time, other efforts you make to improve your credit can help boost your credit score and improve your overall financial standing.
    2. Myth: Filing for bankruptcy will eliminate all of my current debts.

    Fact: While a bankruptcy can discharge nearly all of your unsecured debts (meaning debts, such as credit card debt or medical bills, that is not backed by collateral), it will not result in a discharge of some other debt – specifically, student loan debts and any court-ordered payments, like child support, restitution, court fees and/or spousal support payments.

    3. Myth: My spouse will have to file for bankruptcy if I choose to file.

    Fact: This is simply not true. If you are married, you or your spouse can file for bankruptcy without the other spouse having to do so. However, because these cases can be far more complicated (particularly when it comes to assets owned by you and your spouse), it will be important to work with an experienced bankruptcy attorney to ensure your case is handled properly.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    
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