Hopefully you read our blog yesterday titled “Bankruptcy Myths & Misconceptions.” Below are a few more bankruptcy issues that many people get confused about:
•I can file for bankruptcy as many times as I like. You can file more than one bankruptcy case, but it is important to understand that there are strict limitations on when and how you can file subsequent cases.
•I can keep my assets without paying off the loans. Unfortunately, this is not true. While you can keep your home, vehicle or other property in your bankruptcy filing, you will still be required to pay any loans associated with those assets. In some cases, you may be able to modify the terms of your loan. You should discuss this option with us.
•I can give my property to somebody else so I can keep it. Not only is this not true, it is setting the recipient up for a lawsuit! All transfers of property prior to your filing will be investigated by the trustee. If the transfer is not for fair market value, the trustee can file a lawsuit to recover the asset for the benefit of your bankruptcy estate and creditors.
Because there are so many myths and misconceptions about bankruptcy, it is essential to seek the advice and assistance of a qualified lawyer.
Please keep in mind that every case is different. If you are interested in filing a personal bankruptcy and you would like to schedule a no-cost consultation, please contact our office by completing the form on this website or calling us at (954) 932-5377.