Janssen Law, PLC

Separating bankruptcy fact from fiction

If you are like many people across Iowa who are considering filing for bankruptcy, you may feel fearful, anxious and uninformed. There are many misconceptions out there when it comes to the process, which can make it increasingly difficult to make a truly educated decision about whether it is the right move for you. At Janssen Law, PLC, we have helped many clients learn more about the steps involved in filing for bankruptcy while helping them separate myth from reality in the process.

Among the more common myths about filing for bankruptcy, per Bankrate, is the belief that in doing so, you will lose your car, your home and everything else you value. This is typically not the case. You may be able to hold onto certain items you need by listing them as exemptions. You may also be able to keep your car and home after filing for bankruptcy if you can continue to make your payments on them.

You may also be under the impression that your credit will never recover to the point where you can get more credit cards. On the contrary, however, you may once again appeal to credit card companies, because they can charge you particularly high interest rates, which means more money for them in the long run. So, while you probably will receive credit card offers again before long, you may want to think twice before accepting them.

If you have a husband or wife, you may also mistakenly believe that you both have to file for bankruptcy if one of you does so. As long as you are trying to discharge debts that are in your name, only, you may not have to involve your spouse at all. More about bankruptcy is available on our webpage.

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