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Chapter 7 bankruptcy -- truth and fiction

What will people think? I'll never be able to get a credit card or car loan again! The bank is going to take away my home. Statements such as these are often the reasons why many Kentucky residents who should file for Chapter 7 bankruptcy do not do so.

Many people worry about what other people will think if they file for bankruptcy. This simple fact of the matter is that it is highly unlikely that anyone other than creditors will know about the bankruptcy, unless the individual chooses to disclose it. Yes, some bankruptcies are published in the newspaper; however, this is typically done in fine print, and the list goes on and on. So, unless the individual filing is a well-known member of the community whose daily activities are news worthy, it is very unlikely that anyone not involved in the bankruptcy will know about it.

Individuals also worry about their ability to obtain credit in the future. While their interest rate may be higher than some, many individuals who file for bankruptcy soon discover advertisements for credit cards and car loans coming their way. It is usually not long before individuals will have the credit they need.

Another area of concern is for the home. Many Kentucky residents fear that they will lose their home and all of their possessions in a bankruptcy. However, it is usually possible for the individual to exclude the mortgage from the bankruptcy, continue paying it and keep the home.

The word bankruptcy can strike fear in some. However, many throughout Kentucky have found that filing Chapter 7 bankruptcy is actually the solution to their financial problems. Experienced legal counsel can help the individual determine which option is the appropriate one to pursue.

Source: bankrate.com, "12 myths about bankruptcy", Accessed on Feb. 27, 2017

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