Four Common Myths About Bankruptcy

Myth One: I cannot qualify for bankruptcy because of the Bankruptcy Reform Act of 2005.

False. In fact, for most people, the filing process did not change at all under the Reform Act. Although the screening process is different than it used to be, the vast majority of people still qualify for bankruptcy relief.

Myth Two: I am going to lose my house, car, retirement accounts and other valuable property if I file for bankruptcy.

False. Your house, car and retirement accounts are all exempt from the bankruptcy estate. These assets cannot be liquidated or seized in most circumstances.

Myth Three: I will never qualify for a home or car loan again.

False. After your debt is discharged, your credit score will begin to improve -- about 15 points each month. Rebuilding your credit will happen faster than you realize. Many people who have filed for bankruptcy in the past are able to secure financing for homes and cars after the passage of time.

Myth Four: If my employer finds out I filed, I could lose my job or jeopardize my future job prospects.

False. Federal employment laws protect you from job discrimination based on bankruptcy filing status.

Guiding You Through the Bankruptcy Process With Dedication and Skill.

Because bankruptcy is a complicated area of law, consumers often suffer from misinformation about the legal process and consequences of filing. As a result, many people avoid getting the debt relief they need -- and that they are entitled to under the law -- for fear of the effect it will have on their credit rating, jobs and ability own a car or home.

If you are struggling with overwhelming credit card, medical or other consumer debt, working with an experienced attorney can help you separate fact from fiction, understand your rights and options under the bankruptcy law and regain your financial footing. Todd S. Abplanalp, Attorney at Law can help provide the relief you need without the expensive price tag.

Call (816) 434-7300 or e-mail todd@consumerlawkc.com for a FREE, in-person initial consultation.