Bankruptcy Myths

Get the Facts from an Arizona Bankruptcy Lawyer

There is an incredible amount of false information about bankruptcy that is accessed on the internet, through friends or associates or circulating throughout the community verbally. It is vital that you understand the truth about bankruptcy so you can make an informed decision as to whether filing for bankruptcy is right for you.  An Arizona bankruptcy attorney from Price Law Group can answer your questions and you can find out the true facts.

Myth: All of your debts are discharged in personal bankruptcy .

Truth:  Not all debts are eligible for discharge in Chapter 7. There are exemptions to what debts can be discharged in Arizona. Consulting with our legal team will help you determine what debts you could discharge through bankruptcy. Student loans, some tax debts, child support or alimony or judgments against you are not discharged in Chapter 7, among others.

Myth: Run up your credit cards if you are going to file for bankruptcy as you will have the debt discharged.

Truth: If you have run up your cards prior to bankruptcy, the purchases made in the prior 90 days will not be eligible for discharge.

Myth: Your credit will be destroyed for 10 years after bankruptcy.

Truth: It is likely that you can start rebuilding your credit within a few months of bankruptcy; a foreclosure on your credit report can be more damaging to future credit than a bankruptcy.

Myth: You will lose your home if you file bankruptcy.

Truth: Most people who want to keep their homes and can afford the payments keep their homes. It may be necessary to get a loan modification. Our legal team is well qualified to assist in the process of negotiating with the lender in your case.

Myth: It is very hard to qualify for Chapter 7 under the new laws.

Truth: Most individuals or families in serious financial trouble still will qualify. The process requires more documentation, and having legal representation can help you file your paperwork correctly, and increase the possibility of having your petition approved.

Learn the Truth about Bankruptcy

We invite you to contact our firm to find out the true facts about bankruptcy, whether Chapter 7, Chapter 13 or Chapter 11. We have assisted over 100,000 clients to resolve serious debt problems. We can evaluate your situation and advise you what legal action will work best in your case. Each individual, business or family has unique circumstances, and how the law applies should be determined on an individual basis.  Our experienced legal team can help you through the bankruptcy process and will always provide personal legal services with your best interests as our ultimate concern.

Contact an Arizona Bankruptcy Lawyer and find out the truth about bankruptcy.