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Bankruptcy Myths

There are many St Louis bankruptcy myths that exist. Here are a few of the most common myths debunked:

Everyone Will Know I Have Filed for Bankruptcy

Bankruptcy can be completed quickly and easily, and often times, without anyone knowing except for your creditors.

I Will Lose Everything I Have

Often, this misconception can keep those who may benefit from filing for bankruptcy from doing so. The vast majority of Chapter 7 bankruptcies allow you to keep ALL of your belongings while eliminating most of your outstanding debts.

I Will Never Get Credit Again

Prior to filing for bankruptcy in St. Louis, Missouri, most individuals already have problems with their credit. While filing for bankruptcy will initially impact your credit, the effect may not be as severe as you may think. Successfully completing bankruptcy will discharge all of your debts. This will lower your debt to income ratio and can allow your credit score to begin increasing once again. Additionally, there are many options to repairing your credit after filing so that you can get your credit score back to where you want it to be.

All Debts Will Be Wiped Out with Chapter 7 Bankruptcy

While most debts can be discharged through bankruptcy, not all can be discharged. You will likely still be responsible for debts such as alimony, criminal fines, child support and government-issued student loans.