BANKRUPTCY MYTHS DISPELLED

Considering Bankruptcy?

Do you have questions about the process or the potential consequences filing may have on your financial future? At Tishkoff PLC, our attorneys will take the time to discuss your situation and explain all of the options available to you, including the potential advantages and pitfalls.

We believe that your goals for the future are just as important as the unique financial details, and we craft a legal debt relief strategy based on the most effective and efficient method of reaching your goals.

Commonly Held Bankruptcy Myths

Many people either pursue filing bankruptcy or refrain from speaking to a qualified attorney, based on misunderstandings and inaccurate information about what can and cannot be done through bankruptcy. For example, here are a few common bankruptcy questions and misconceptions:

  • Can I choose which assets are included? — No, all assets and liabilities must be listed when the bankruptcy is filed. You cannot choose to include only a select portion of your finances.
  • What about child support? — No, filing for bankruptcy will not affect your domestic support obligations.
  • What about medical bills? — Yes, some medical debts are considered unsecured debts and can be discharged.
  • What about student loans? — No, most student loans cannot be discharged through bankruptcy.
  • What about taxes? — No, most taxes cannot be discharged through bankruptcy.
  • Will it permanently ruin my credit? — No, most people who file bankruptcy are able to significantly improve their credit over time. Your credit score may improve because your creditors will stop reporting late payments and other delinquencies.
  • Will I lose all of my stuff? — Depending on your circumstances, you may be able to claim an exemption for important non-luxury assets such as a house or a car.

Contact us today to schedule a free 30-minute consultation with an experienced bankruptcy attorney.

407 North Main Street
Ann Arbor, Michigan 48104
Phone: (734) 663-4077
Toll free: 1 (855) TISH-LAW
Fax: (734) 665-1613
©2017 Tishkoff PLC. All Rights Reserved.