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Bankruptcy Myths: Be Careful.

Oregon Bankruptcy Lawyer

There are many myths about bankruptcy floating around the internet, through friends, associates and other sources that could result in serious problems if you take action based upon wrong information. Our Oregon bankruptcy attorney at Oregon Fresh Start can give you accurate, up-to-date information about bankruptcy, the risks and benefits, and how your unique financial situation will be impacted if you file. Here are some of the common myths that we have run into over our 33 years in practice:

MYTH: Buy everything you can on credit cards before you file. This is not true; any luxury items, or purchases within 90 days will not be allowed in your bankruptcy. These are usually considered fraudulent expenditures and will not be included in the bankruptcy.

MYTH: All of your debts will be discharged in bankruptcy. Some people have been told that through bankruptcy, they will not owe any back payments on a home, car or other item. Actually, if you hope to keep these personal assets, you will be required to continue to pay for them. If your car has been repossessed, you may be able to get it back if the correct arrangements are made regarding payments and insurance coverage. There are opportunities to renegotiate loans and interest rates during the period of a "stay" of collection actions against you. Some debts are non dischargeable. You need to know which debts can and cannot be discharged in filing Chapter 7.

MYTH: You can file bankruptcy whenever you need to. Actually, you are restricted in the number of times you can file for bankruptcy. If you have filed Chapter 7 within the past 8 years, you will not be eligible to file again until 8 years have passed. There are available alternatives to assist you if you are in a difficult financial situation and need to get it resolved. We can help.

MYTH: Only irresponsible people file for bankruptcy. Over our 33 years in practice, and after assisting over 10,000 people, we can definitely say that this is not true. The situation that led to bankruptcy is often a personal problem, such as a divorce, medical problem that led to expensive treatments, loss of a job or reduced hours and paycheck. We find that our clients have just run into unexpected and difficult financial problems that have impacted their ability to pay their bills. They are honest, hardworking and responsible people.

MYTH: You can get rid of all tax debt by filing bankruptcy. Some tax debt can be discharged, but you should have your situation reviewed by our attorney to determine what can be done. Current taxes cannot be discharged; some tax debts 3 years old or older could be. If you have not filed tax returns on any of those years, it will not be possible to try to get these unpaid taxes discharged. Each person has a unique situation, and should get help from a legal professional to get tax issues sorted out.

Want to find out the truth about bankruptcy? Contact our Oregon bankruptcy lawyer for information about your unique situation and how filing for bankruptcy will help you.

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