SO YOU THINK YOU KNOW BANKRUPTCY?
Care to Take a 10 question True or False Test
1) Once I receive a notice from my mortgage lender setting a foreclosure sale date, it’s too late to use bankruptcy to save my house! T or F
2) Once the tow truck has repossessed my car, it’s too late to use bankruptcy to get my car back! T or F
3) Taxes can never be wiped out in bankruptcy! T or F
4) You can’t file bankruptcy against credit cards anymore! T or F
5) Right before you file for bankruptcy, a smart bankruptcy attorney will help you transfer your property out of your name in order to save it! T or F
6) Student Loans can never be wiped out in bankruptcy! T or F
7) Paying taxes with your credit card and then wiping out your credit card in bankruptcy is a sneaky, but effective way to get rid of your tax debt! T or F
8) Bankruptcy may be good for getting rid of debt, but it can’t be used as a tool to get your driver’s license back! T or F
9) If I have a co-signer on one of my debts and I file bankruptcy, there’s no way I will be able to protect my co-signer! T or F
10) LAST ONE: If I’m divorced, the Bankruptcy Court has to comply with the terms of my property settlement agreement! T or F
Let’s see how you did! Every one of the questions is false. If you are having financial difficulties or are thinking about filing a bankruptcy and want to know more about any of these statements representing common misunderstandings that people have about bankruptcy, we would be delighted to explain them to you. Send us an e-mail, or call and set an appointment at one of our convenient office locations.