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New Orleans Bankruptcy Blog

Myth No. 1: You Can No Longer File For Bankruptcy.

June 19th, 2009

Since the bankruptcy laws were changed in October of 2005 I have had several clients that were told they could no longer file for Bankruptcy.

This is simply untrue, but with almost four years since the changes in the bankruptcy laws, I still get the occasional client that comes in and tells me that they were told they could not file for bankruptcy.

Sometimes it is a friend or collegue that provides this information, sometimes it is a debt collector. Whatever the source may be, the fact remains: You Can Still File For A Bankruptcy!

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) did make some changes that limit the type of bankruptcy a debtor can file. As an example, some debtors that could file for a Chapter 7 bankruptcy under the old law must now, because of their income, file a Chapter 13 bankruptcy.

Also, there are now a number of time delays that may either require more time to pass between bankruptcy filings or limit your protection under the bankruptcy laws.

However, let me say it again: You Can Still File For A Bankruptcy!

If you have any questions about whether or not you can file for a bankruptcy, contact an experienced bankruptcy attorney.

I provide a free initial consultation to new bankruptcy clients and would be happy to discuss your case with you.

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Myths About Bankruptcy!

June 3rd, 2009

I am often surprised by some of the misconceptions that people have about bankruptcy.

Below are some of the more common bankrutpcy myths that I have heard:

You can no longer file for Bankruptcy.
You can only file for Bankruptcy once.
Credit card debts can no longer be discharged in a Bankruptcy.
The IRS will audit your prior tax returns if you file for Bankruptcy.
The Bankruptcy Court will take all of your property if you file.
You can no longer stop a foreclosure by filing for Bankruptcy.
If you file for Bankruptcy, you will never be able to get any new credit for anything.
You can never own a home if you have filed for Bankruptcy.
If you already own a home you must give up your home if you file for Bankruptcy.
You can pick and choose the debts to be included in your Bankruptcy case.
You can pick and choose the property you tell the Bankruptcy court about when filing a Bankruptcy.
You don’t need a lawyer to file for Bankruptcy because all it involves is filling out a bunch of forms.
You can give or transfer property to a relative or someone else you know before filing for Bankruptcy, and that person you gave the property to will be able to keep it.
Income tax debt cannot be discharged in a Bankruptcy no matter how old it is.
If you’re married, both spouses have to file for Bankruptcy.
Only deadbeats file for Bankruptcy.

As I previously stated, these are the most common myths about Bankruptcy that I hear.

In future articles, I will give you the true facts about Bankruptcy.

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