Filing for bankruptcy is scary and stressful. You’re uncertain about your future, and you wonder how this will affect your finances moving forward. In today’s blog from the bankruptcy attorneys at Groce & DeArmon, P.C., we talk about more myths about filing for bankruptcy in part two of our series.
Myth 1: You Can’t Get Any Job
You cannot be denied a job because of your financial status unless you will be getting a job that requires you to be financially responsible. These jobs include the banking industry, executives, and managers who oversee company finances, and jobs that require you to manage some financial aspect of an employer. Our bankruptcy attorneys can counsel you about what an employer can and can’t do when/if they find out about your bankruptcy.
Myth 2: Your Retirement Savings Are Ruined
Retirement accounts are exempt from bankruptcy in Missouri. These include 401(k) accounts, IRAs, pensions, and retirement accounts for public workers. Our bankruptcy attorneys will make sure you understand which financial accounts are subject to scrutiny by the bankruptcy court and bankruptcy trustee.
Myth 3: Don’t Disclose All of Your Property
This is a huge mistake. Bankruptcy trustees will always find out what property you own. Hiding property can lead to criminal charges of bankruptcy fraud, and that can lead to even more drastic consequences than filing for bankruptcy alone. Missouri has exemptions for certain property, so it makes sense to disclose all of it. Our bankruptcy attorneys can examine your situation to find the best possible solution for you.
Myth 4: Debt Consolidation Offers a Better Alternative
Debt consolidation often delays the inevitable. The money you spend on debt consolidation could go towards filing for bankruptcy and a fresh start.
Myth 5: Sell Your Property Before Declaring Bankruptcy
Never do this. The bankruptcy trustee may see this as an attempt to defraud your creditors. You can’t even sell your property to relatives, because the bankruptcy is in your name and not theirs. Again, you can be criminally charged with fraud. Selling your assets may take too long, and you might not be able to pay all of your debts anyway. Talk to our bankruptcy attorneys about what you can do (legally) to protect your assets.
Related Post: Bankruptcy Exemptions in Missouri
Talk to Bankruptcy Attorneys at Groce & DeArmon
Are your creditors calling you daily, even on the weekends? Do you need debt relief? Are your bills overwhelming you? Chapter 7 or Chapter 13 bankruptcy may offer a solution. Contact Groce & DeArmon or call toll-free 1-800-640-3706 for more information or a free consultation about filing for bankruptcy.