Bankruptcy Myths

Common Bankruptcy Myths

There are a number of bankruptcy myths that have been spread by creditors and misinformed individuals. If you are thinking about filing for bankruptcy, contact an experienced bankruptcy attorney who can provide reliable advice.

If you are thinking about bankruptcy and live in Central Florida, we encourage you to contact the Price Law Firm in Altamonte Springs, Florida. We offer a free consultation to discuss bankruptcy and bankruptcy alternatives that may be available to you. To schedule a free consultation with a bankruptcy attorney at our firm, call 407-834-0090.

Bankruptcy Fact and Fiction

To dispel some of the more common myths about bankruptcy, we offer the following myths and facts:

Myth: Medical bills/hospital bills may not be discharged through bankruptcy.

Fact: A Chapter 7 or Chapter 13 bankruptcy can discharge medical bills.

Myth: Tax debts can never be discharged through bankruptcy.

Fact: If you have tax debts that are at least three years old from the date of filing, you may be able to discharge those debts through a bankruptcy.

Myth: If you file for bankruptcy, your credit will be destroyed forever.

Fact: If you are seriously contemplating the possibility of bankruptcy, your credit rating is probably very poor already. However, because of the way that credit scores are calculated, many of our clients find that they have a better credit rating just one or two years after a bankruptcy than they would have if they had continued to make late payments and incur a debt load they could not manage.

Myth: if you file for bankruptcy, you will never be able to have a credit card again.

Fact: Believe it or not, many credit card companies actively pursue people who just recently filed bankruptcy. Read our page on credit card debt to learn why.

To speak with a lawyer about these and other bankruptcy myths, contact the Price Law Firm. We are located in the Orlando-Kissimmee metro area in the city of Altamonte Springs.

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