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Greg Gouner Attorney at Law
BANKRUPTCY MYTHS

You probably don't know what you think you know about bankruptcy!

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MYTHS!

Bankruptcy Myths Exposed

We've all heard some of the common bankruptcy myths that people repeat as truth, such as that everything you own will be taken away or your credit is ruined for the rest of your life. Many of these myths are just that - myths that are not based on fact. In order to make a correct decision on whether bankruptcy is right for you, you need to know the truth.  We have the knowledge you will need to fully discuss your options when it comes to dealing with your debt and finding out if bankruptcy is right for you.  When considering bankruptcy, it is best to obtain advice from a professional attorney who has the legal experience to answer all your questions.

Below find some common myths which can provide some insight on the truth about bankruptcy.

I'll Still Owe the Money Despite Filing Bankruptcy With the exception ofcertain ones such as child support, alimony, taxes and student loans the majority of debts can be discharged with bankruptcy. Credit cards, signature loans, and most debts are forgiven with either a Chapter 7 or 13 filing.  However, some of these types of debts that are typically not wiped out may be able to be added to a Chapter 13 filing and paid without penalties over the span of the case.
If you are married, both spouses have to file for bankruptcy This is not true.  Each person can file or not, depending on their level of debt.  If you are both having difficulty paying your debts, it is wiser to file together as the fee is usually the same.  But if one files and the other doesn't, this will often not affect the spouse's credit rating unless they have joint credit.
I will not be able to get credit again. Not so.  Although you may pay higher interest rates for a time, you will usually begin getting credit offers shortly after your filing and can begin to re-establish your credit.
Bankruptcy is hard to get through or qualify for. Almost everyone qualifies for some type of bankruptcy, determining which one can be discussed with your lawyer.  The most difficult part is often making the initial decision to file.
I will lose everything. Most bankruptcies do not affect your being able to keep all of your assets.  Many assets are protected by bankruptcy laws.  In fact, the majority of people who file give up little or none of their assets.

Get the truth. Contact a Baton Rouge based attorney at our law firm for a review of your case.

 
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An attorney for more than 20 years, Greg Gouner practices law in the Baton Rouge area and statewide. He is licensed both in Louisiana and Texas. A graduate of LSU Law Center, he is a member of the Louisiana Bar Association, Baton Rouge Bar, Louisiana Trial Lawyers, National Association of Criminal Defense Attorney, National Association of Consumer Bankruptcy Attorneys, and American Bar Association, with multiple published Bar Review articles.

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Baton Rouge (225) 293-6200
Toll Free: (800) 404-1921

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