Bankruptcy Myths – Let’s get this bankruptcy thing straight!

Come on, who really wants to file a bankruptcy?  From my experience, as a bankruptcy lawyer, not too many.  For some people it’s the best financial decision they can make, but others either fear the unknown, or the good old world wide web often lends a helping hand in creating a fictitious nightmare scenario to a whole lot of people.   I hear all kinds of weird stories about bankruptcy and I’m here to tell you that these war stories are blown way out of proportion and most people really have no idea what a bankruptcy can and cannot do for them.

I wrote a book, “Myths, Secrets and the Truth About Bankruptcy in Florida”, which really goes into a lot of detail about debunking the myths about bankruptcy.   You can request a free copy of my e-book right on my website at  For now, I want to hit a few of the most common questions I hear:

  1. Your credit will be destroyed for the next 10 years – Ummmmm, no. What matters is your credit score and your situation. Ongoing late payments and charge offs can really cause long term damage to your credit and most creditors understand the economy and that bankruptcy can be a smart financial move on your part.  You will get credit again. You will be able to finance a car, a house, even furniture.  So, this is a MYTH.
  2. There are no free rides! I get clients who ask me if they can keep their vehicle and not pay their loan payments. That’s a big fat negative.   You don’t get your cake and eat it too.  If you want to keep your vehicle you need to make those payments, and your lender will likely ask that you sign a Reaffirmation Agreement during your bankruptcy in order to keep your vehicle.  So, again…MYTH.
  3. You will lose everything when you file for bankruptcy – okay, let’s think about this for a minute. Did whoever told you this really lose everything? Seriously, do they have nothing?  I’d be willing to bet that is not the case.  In Florida, we have generous exemptions.  Rarely ever do clients lose anything, and if they do have un-exempt property we know in advance of filing and prepare them for purchasing back their un-exempt property from their bankruptcy estate.  Yep, another MYTH.

Bankruptcy is a very complicated legal matter and unless you have a law degree with experience in the Federal Bankruptcy System, it’s better to obtain advice from a lawyer, LIKE ME.   Take what you read on the internet and what your friends and family tell you with a grain of salt.   I offer a free consultation, why not take advantage of solid legal advice rather than contemplating the worst.

For more on bankruptcy and debt relief in Florida call the Law Offices of Robert of Robert Peters today at 904-421-6907 or email to: [email protected] 

Remember – Doing nothing changes nothing!

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