Common Bankruptcy Myths

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Common bankruptcy myths


  • 1. Common Bankruptcy Myths

2. If you have only heard negativestories about bankruptcy, and dontunderstand how it can help you, it caninstill fear. The more we learn, themore empowered we are to makeinformed decisions.Here are 3 of the most commonbankruptcy myths. 3. Myth #1 You Will Lose Your HomeIf you have only heard negative stories about bankruptcy,and dont understand how it can help you, it can instillfear. The more we learn, the more empowered we are tomake informed decisions. Here are 3 of the mostcommon bankruptcy myths. 4. Myth #2 Bankruptcy Destroys Your Credit RatingBankruptcy does destroy your credit while in bankruptcy, butonce you receive your discharge you can rebuild it. Expertsadvise your credit rating can be rebuilt in 12 to 18 months.Be aware, other debt solutions also destroy your ability to getcredit while you are enrolled in the program. 5. Myth #3 Your Spouse is Liable for Your DebtsOnly you are responsible for the debts incurred in your name.However, if you have a joint credit account both people areresponsible for those debts. If you declare bankruptcy yourspouse is only liable for the joint account debts. 6. There are many other myths and half truthsregarding bankruptcy circulating, so if you want thefull truth meet with a Winnipeg bankruptcy trusteefor a free consultation. They will review yourfinancial situation, and advise you of all possiblesolutions. 7. Bankruptcy laws were created to help honestdebtors with overwhelming amounts of debt get afresh start. Dont let myths, half truths, or fear robyou of that opportunity. 8. In Manitoba or Ontario visitLCTaylor.comTrustees are available to answer your questions at ourWinnipeg and Kenora locations.Call us now to schedule your free consultation.