3 Things You Didn't Know About Bankruptcy

1. Bankruptcy Can Get a Repossessed Car Back
There is a law in bankruptcy that requires all the creditors involved to be treated equally. One thing that happens in a case is the trustee goes back 90 days to see what creditors have received payment. If one creditor has received payment that is substantial, the trustee can get it back and have it included in the bankruptcy estate.

I Want to File Bankruptcy on My Credit Cards But Not My House

Somehow many people have come to believe that you can file for bankruptcy and choose which debts and property are included. This is not how it works. If you are going to file for bankruptcy you will need to list out ALL of your debts as well as ALL of your assets in your petition and associated bankruptcy schedules.

Does that mean all the property listed will be liquidated? Absolutely not.

Four Common Fallacies About Bankruptcy

1. If I file for Bankruptcy my Credit Will be Destroyed
Yes. Bankruptcy has a serious negative impact on your credit. Will it be destroyed? No. Once you file for bankruptcy, all of your dischargeable debts are removed from your credit report, and they are replaced with "discharged in bankruptcy".