Bankruptcy Myths & Lies

Falsehood #1
Everyone knows when you file bankruptcy.

• Truth: Although a public record, only creditors are normally made aware of a
  bankruptcy filing.

Falsehood #2
The “new” laws eliminate bankruptcy filings by individuals.

• Truth: Bankruptcy is indeed more complicated but an experienced bankruptcy attorney can determine if you qualify to file.

Falsehood #3
You will never get credit again.

• Truth: If you have income of some sort, credit is available. In fact, some companies specialize in providing credit to individuals who have filed bankruptcy. Nonetheless, we certainly suggest that you use new credit responsibly.

Falsehood #4
You lose everything you own when you file bankruptcy.

• Truth: Most individuals that file bankruptcy lose nothing. An experienced attorney can tell you if you are at risk to lose any type of property, but Ohio provides generous exemptions that allow you to protect most (or even all) your assets.

Falsehood #5
If married, both husband and wife must file together.

• Truth: The law allows either husband or wife to file alone. In many instances, the majority (or all) the debt is in one spouse’s name. If so, it makes total sense for only the spouse with debt to file bankruptcy.