San Antonio Bankruptcy, Top 10 Myths To Avoid
When filing for bankruptcy you should consider the most common myths
. Within San Antonio both federal and state regulations operate in Texas, to help support debtors and provide options for relief.
1. Bankruptcy is not an option because of the means test
Firstly, the means test is designed to prevent people with high disposable incomes filing chapter 7, as it is for those who are truly can not pay off their debts. If the debt you have is considerable amount or the piling up of medical bills has added up to a considerable amount of debt, chapter 7 is likely to be one of the first options in that case. To calculate this many attorneys offer the calculations for a means test. Additionally, if chapter seven is not an option for you, there may be other bankruptcy options that are available .
2. Having a job disqualifies you from bankruptcy
If you have a job it actually may give you more options when it comes time to filing for bankruptcy.
3. Filing for bankruptcy will cause you to loose everything
This is not true, but still people fear this situation causing them not to get help from a lawyer or file the paperwork. It is also a fear that causes people to delay the inevitable with attendant loss of property. Property and asset loss can be minimized by consulting an attorney as soon as you recognize the problem.
4. Bankruptcy is not an option because I will lose my job.
First off, it is very unlikely that your employer would find out . Also consider, San Antonio is subject to both federal and state law. Federal law states that if a person is bankrupt you cannot discriminate against them. So this should be a non issue.
5. My image will be torn if I file for bankruptcy
Bankruptcy is a public matter but a simple one is unlikely to draw attention unless you are a well known figure in San Antonio. The people close to you probably will not know either.
6. I can spend as much as I want since bankruptcy will take away the debt
A spending spree just prior to filing is ill-advised. the court may see this spending in a short period of time as fraudulent if you knew you were unable to repay those bills. Best case scenario, the debt would still have to be paid and would not be included in the discharge. Still, serious consequences could develop from these actions.
7. I can put my property in another person's name to eliminate losses
This is a potentially fraudulent act. However, the debtor can still protect property that they currently hold. It is best not to act precipitously as all actions involving money and property prior to filing will be scrutinized rigorously.
8. You have the option to only declare some debts
Undeclared debts cannot be discharged, so this just does not make sense.
9. When you file for bankruptcy home loans are wiped out
If you file you may avoid foreclosure on your house, if you have acted quickly enough. When foreclosure proceedings have been initiated, seek the advice of a San Antonio bankruptcy attorney with knowledge in recovering these situations. it may very well be possible. Although, the loan will still have to be repaid.
10. Will be completely debt free after discharge
Depending on your debts it varies to which can and cannot be discharged. For example, student debt can only be discharged if you can prove undue hardship. Other examples of debt that cannot be discharged are alimony, and child support.
by: Juan Valdez
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