Debunking Common Myths About Bankruptcy

There are many myths about bankruptcy.  While it does eliminate the burdens of most debt, some debt is exempt.  The Drose Law Firm is comprised of bankruptcy attorneys who are direct and up front when discussing the different types of bankruptcy options with clients.  Our next series of articles will debunk some common myths about bankruptcy.

If I File Bankruptcy, I Will No Longer Be Responsible for Child Support or Alimony

A good bankruptcy lawyer should be up front and honest about the fact that child support and alimony will not be discharged in your bankruptcy.  You will still be responsible to fulfill those obligations after you’ve filed bankruptcy.

Bankruptcy Will Resolve My Tax Debt

In most cases, you will still be responsible for your tax debt after filing bankruptcy.  However, there are some circumstances where bankruptcy attorneys can help you get relief for outstanding tax debt that needs to be resolved. If you have unpaid taxes, be sure to discuss all options with your bankruptcy lawyer.

All My Liens Will Be Forgiven If I File Bankruptcy

While filing bankruptcy will discharge you from some debt, if you have any liens or unsecured debt, creditors can still seize your property to recover some of what is owed.  Let’s say you owe the bank $4500 on your car loan.  Bankruptcy will eliminate that debt, but, you will not be able to keep the car.  The property and/or collateral attached to the debt will go back to the creditor. You should discuss any pending liens with your bankruptcy attorney.

Our next article will debunk more myths about filing bankruptcy.

When it comes to bankruptcy, Charleston residents call on the Drose Law Firm to help free them of their debt burdens.  Remember not all bankruptcy lawyers have your best interests in mind. We serve clients throughout the Lowcountry and look forward to helping you achieve the freedom you deserve.  Give us a call to schedule an appointment with a qualified and experienced bankruptcy attorney today!