This list was compiled and provided by North Carolina Consumer Bankruptcy Attorney O. Max Gardner, III and is used here with permission.
1. The Bankruptcy laws have been repealed by Congress.
2. If you did not file for Bankruptcy before October 17, 2005, then you are no longer allowed to file.
3. You cannot discharge any credit card debts under the new Bankruptcy laws.
4. You can keep only one car or truck if you file for bankruptcy.
5. You will have to give up all your vehicles if you file for bankruptcy.
6. The IRS will audit all of your prior tax returns if you file for bankruptcy.
7. You will have to file amended tax returns for the past 4 years if you file for bankruptcy.
8. You can only have one TV and one VCR if you file for bankruptcy.
9. The Bankruptcy Court will take all of your property if you file.
10. You can no longer stop a foreclosure by filing bankruptcy.
11. If you file bankruptcy, all of your bank records and tax records will be audited.
12. An FBI agent will come to the home of every debtor and take photographs of everything.
13. Before you can file for bankruptcy, you must pass a written test. Likewise, you must pass another test to get out of bankruptcy.
14. Before you can complete your bankruptcy case, you must pass a lie detector test.
15. After you file bankruptcy, you will never be entitled to another tax refund.
16. If you have any money in a bank account and file for bankruptcy, then all of your money will be taken by the bankruptcy trustee.
17. If you file for bankruptcy, you will never be able to get any new credit for anything.
18. You can never own a home if you have filed for bankruptcy.
19. You do not have to list all of your debts if you file for bankruptcy.
You can pick and choose the debts to be included in your bankruptcy case.
20. If your former spouse files for bankruptcy on a joint debt, his or her bankruptcy will discharge your obligation on that same debt.
Bankruptcy Myths
21. You do not have to list all of the property you own if you file for bankruptcy. You can pick and choose what is in and what is out.
22. If property is owned in your name, and the bill is in your name, then you do not have to list the property if a relative or a friend actually has the property and is making the payments.
23. The legal fees for filing a bankruptcy are so high that only the very rich can afford to file.
24. You can eliminate and discharge all of your back child support by filing for bankruptcy.
25. If you are currently paying alimony or spousal support, all obligations to pay will be terminated forever by filing for bankruptcy.
26. You don’t need a lawyer to file for bankruptcy. All it involves is filling out a bunch of forms.
27. You should max out all of your credit cards before filing for bankruptcy.
28. If you give any property to a relative before filing for bankruptcy, they will be able to keep it.
29. If you file for bankruptcy, you cannot discharge any income tax debt regardless of how old it is.
30. You must give up your home if you file for bankruptcy.
31. You will never be able to rent an apartment or a home if you file for bankruptcy.
32. Everyone will know I filed for bankruptcy.
33. All debrts are wiped out in a Chapter 7 bankruptcy.
34. If you’re married, both spouses have to file for bankruptcy.
35. It’s really hard to file for bankruptcy.
36. Only deadbeats file for bankruptcy.
37. I don’t want to include certain creditors in my case because its important to me to pay them back some day and if the debt is discharged, I can’t ever repay them.
38. Filing for bankruptcy will improve my credit rating because all of those debts will be gone.
39. You can only file for bankruptcy once.
Kurt O’Keefe, Esq.
OFFICES IN WAYNE, OAKLAND AND MACOMB COUNTIES
Phone: 313-962-4630
Fax: 313-216-2999
email kurt@stopcreditor.com
