Bankruptcy Myths Part 2

Here are more commonly held myths about bankruptcy:


Myth #4 – “The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) makes it very difficult to get my application for bankruptcy approved”

For sure the BAPCPA 2005 sets certain conditions for you to comply with in order to be approved as a discharged bankrupt. Basically these conditions make it harder for people to get approved under Chapter 7 of the bankruptcy code, thereby compelling people to apply under Chapter 13 instead. One of the major provisions of the BAPCPA is the means test, which is the method of calculating a person’s income compared to a predetermined average income for a family of your size in your state. As the name of the Act suggests, it is enacted to prevent abuse of the bankruptcy code, not to deter people from applying for bankruptcy.

Myth #5 – “The process is too difficult”

You’re right. It would be too difficult for you UNLESS you have a competent attorney like me by your side. I will help you navigate through the entire application process step-by-step and make sure you clearly understand it every step of the way. I will also show you how to make the process less tedious by making the application electronically where applicable.

Myth #6 – “I am no good”

Look, everyone stumbles and falls at one time or other in life. Most of the time, it is not your fault. Having crippling financial debts does not mean you are a bad person. You deserve a fresh start once you have fallen and the bankruptcy code provides this for you. It gives you the protection you need from menacing creditors and an opportunity to discharge your debts.

Myth #7 – “I am a loser in life”

As I said, everyone encounters problems at some point. Some people, like you, just need some help to overcome them. That’s where I come in. By engaging me to help you file for bankruptcy, you are taking charge of your circumstances to bring about a change in your own fortunes. So take advantage of the provisions in the law to free yourself from your debts start afresh.

Myth #8 – “I can never own property again”

For sure you can own property again provided you maintain good credit standing. In reality, after having your debts discharged, aggressive credit card companies, hire purchase or leasing companies will start offering credit to you. Make sure you do not bite off more than you can chew. You cannot jeopardize your credit standing again. Usually after 18 months or so of a good credit record, you should be able to secure a mortgage to buy property again.

Part 1 | Part 3 | Part 4