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Contributed by mm | September 11, 2006 11:36 PM PST
Good list of myths busted at Bankrate. Do you know them all? Read the full text at Bankrate for more discussion on each item.
From Bankrate:
With a mind toward declawing the monster, here are a dozen misconceptions about bankruptcy:
1. Everyone will know I've filed for bankruptcy.
2. All debts are wiped out in Chapter 7 bankruptcy.
3. I'll lose everything I have.
4. I'll never get credit again.
5. If you're married, both spouses have to file for bankruptcy.
6. It's really hard to file for bankruptcy.
7. Only deadbeats file for bankruptcy.
8. 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.
9. Filing for bankruptcy will improve my credit rating because all those debts will be gone.
10. You can't get rid of back taxes through bankruptcy.
11. You can only file for bankruptcy once.
12. I can max out all my credit cards, file for bankruptcy and never pay for the things I bought.
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Is Bankruptcy for You? (September 5, 2006)
There are many downside factors in a bankruptcy, so do think seriously before you go to the court.
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