Bankruptcy Myths
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Bankruptcy Myths
My credit will be ruined if I file for bankruptcy: Most people mistakenly believe that their credit and their credit report are the same thing. This is wrong. Your credit is your ability to borrow money, while your credit report is a summary of your payment and credit history. Although you may have perfect payment history, if you currently have more bills than you can afford, you have no credit because no one will loan you any more money.
While a bankruptcy will be listed on your credit report, this does not mean that your credit will be ruined for an extended period of time. Generally, people who consider filing for bankruptcy already have a tarnished credit record, which will continue to get worse as they put off filing. People who have filed may begin to rebuild their credit almost immediately and many even get a mortgage within a couple years of filing and a loan or credit card even sooner.
I'll never be able to buy a home if I file bankruptcy: Can you buy one now? Most people considering bankruptcy cannot. Bankruptcy will give you the ability to save for a down payment. Also, you will have the income to qualify for a mortgage, something you probably can't do now because your debts take up all of your disposable income. Most people can qualify for a mortgage within about 2 years after their bankruptcy, and I can put you in contact with lenders that will work with you after the bankruptcy. To qualify for a mortgage, your debt cannot exceed a certain percentage of income per month.
I can only file for bankruptcy once: Many people believe if they have filed for bankruptcy in the past that they are no longer eligible to file again. While there are limitations as to future filings for bankruptcies, a person may file for bankruptcy even if done so in the past. A Chapter 13 bankruptcy may be filed as often as you need to. If you filed a Chapter 7 bankruptcy, you must wait eight years to file another Chapter 7, but you may still file a Chapter 13.
Ted Machi is Board Certified* in Consumer Bankruptcy law by the Texas Board of Legal Specialization. For over thirty years, he has helped the little guy in the DFW metroplex through effective, determined, professional representation. This page is for visitors searching for information on the term: Bankruptcy Myths.
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