Thursday, August 29, 2013

Bankruptcy Myths Part 2 of 3 (revisited)

Myth #5: If I File It Will Be Harder to Get or Keep a Job 

The good news is that there are strict rules in the Code that prevent this type of discrimination.  Just like it’s illegal not to hire someone based on race or religion it is also illegal to discriminate against someone in the hiring process based on a past Bankruptcy filing.  I deal with this issue and many similar issues in greater detail in the section of my book entitled “It’s Not as Bad as You Think.” 

Myth #6: You can’t Get Rid of Medical or Tax Debts?

In general most types of debt are dischargeable, meaning that you can get rid of them.  There are virtually no exceptions to this rule that result in preventing a person from discharging medical bills or medical debts.  Taxes are a bit trickier for sure but also can be discharged in the right circumstances.  This topic will be more fully dealt with in the section of my book entitled “What’s a Discharge and How does it Work?” 

Myth #7: I Should Max Out My Credit Cards Because When I File I Won’t Have to Pay Anyway 
Not so fast…This one is a big no-no.  Don’t do it, its fraud, its stealing and it just ain't right.  Seriously if you cards are maxed already ok we can deal with that, but don’t ever charge something or borrow some money with the intent not to pay it back.  It really wouldn’t be right but on top of that it’s criminal.  Not to mention the fact that you won’t get away with it anyway.  There are strict rules that prevent this type of behavior.  We will cover this and couple of other things you should avoid in the section of my book entitled “What can go Wrong and How to Avoid it.” 
For more information buy the book. 

Friday, August 23, 2013

Bankruptcy Myths (revisited)

In my book I cover a number of common misunderstandings about bankruptcy.  Below I go into some of the most common misunderstandings about bankruptcy.

Myth #1: Only Losers File for Bankruptcy

This is perhaps the biggest myth and is probably the most common belief among the general public.  The reality is that millions of people file every year.  Many of these people are doctors and lawyers.  Many of these people are normal regular hardworking individuals.  In many cases a person is forced to file due to things completely out of their control. 

Myth #2: People Who File for Bankruptcy Lose Everything They Have

Almost every day in my practice I heard somebody say “I really don’t want to file because I need my car to get back and forth to work,” or “I need your help but I can file Bankruptcy because I can afford to lose my home, it would devastate my children.”  

The good news is that you don’t have to lose your house, cars, furniture, collectables, photo albums, jewelry, or even you dog.  In most cases, my clients have been able keep everything.  Obviously there are limits to what a person can keep in Bankruptcy, but for most people these limits are quite generous.  I cover this in much more detail in my book, "Should I File: A Definitive Guide to Bankruptcy," in the section entitled “What Can I Keep?”  

Myth #3: If I File My Credit Will Be Destroyed Forever 

Most people believe this one.  My experience is that many attorneys even believe this one.  However it is simply not true.  First of all, the Fair Credit Reporting Act specifically limits the timeframe in which a Bankruptcy appears on your credit report to ten years.  This means that ten years and one day after your discharge the Bankruptcy will have no more effect on your credit.  The good news is that there is no need to wait that long.  Many people whom I have worked with have gotten credit cards and even mortgages with a year or less after filing for Bankruptcy.  How this works and what you should do to rebuild your credit is covered in detail in my book in the section entitled, “OK I filed, What do I do Now?”


Myth #4: If I File All My Friends Will Find Out

For some reason this myth just will not go away.  Lots and lots of people whom I have dealt with have expressed fear and anxiety over people finding out that they filed.  And while we will deal with this issue in much greater detail a little later on, I think it is important for you to know that in many case in fact in most case the only people that ever find out about your bankruptcy are those people you told about it.  In fact it is very likely that someone you work with or a close friend of yours has filed and you don’t know about it.  If they can get away with it so can you.  This myth is covered more fully in my book in the section entitled “Everyone is Doing it Maybe You Should Too”


I hope that you enjoyed this preview of my book.  I will be posting more myths in a few days.  If cant wait these myths and many more are covered in my book.  for more information about my book click below.

                                                                     

Monday, August 5, 2013

Kindle Version is Now Available

A new lower cost option is now available for purchasing my book.  You can buy it for your kindle for only $6.49 by going to Amazon.com or by click the link here  Buying the electronic version will save you over 50%.  

Check it out.  And make sure you let me know what you think.