Bankruptcy Myths Exposed - Things You Should Know Before Filing For Bankruptcy

Have you been thinking about filing for bankruptcy?

Sometimes the cost of bankruptcy alone will be a deterrent, but sometimes it is something more.

There are myths that have become associated with filing for bankruptcy over the years. Unfortunately, they are just that, myths.

Check out these 5 common bankruptcy myths, and educate yourself before you take the next step toward filing for bankruptcy.

The 2 that were most eye-opening to me:

All debts are NOT covered under bankruptcy. School loans, federal and state taxes, and debts incurred because of fraud you will still have to pay back.
Your boss CANNOT fire you if he finds out you have filed for bankruptcy. That would actually be illegal. Although if you are looking for work, potential employers can look at your credit record, but they can not use it as a basis for whether or not to hire you.

Here are some more bankruptcy myths worth exploring:

Wondering what type of things you actually get to keep after you file bankruptcy? Bankruptcy Exemptions: What You Can Keep After Filing Bankruptcy is a must-read.

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I brought a piece of land about 7 years ago for about $250,000. I held on to it for four years before letting the bank foreclose it. The land was re-sold to new owners for less than $80,000. Now the collection attorneys want me to pay the balance.
With the fees and no income to pay back almost $200,000. Is there any recourse than bankruptcy? Also I have another property that was foreclosed and sold at an auction for $139,000. It was $225,000 upside down... will collection attorney come after me for the difference too? What should I do? If I talk to a bankruptcy attorney ...they will advise me to go thru bankruptcy without looking into any other direction.

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