Comments on: Top 10 Bankruptcy Myths http://www.bargaineering.com/articles/top-10-bankruptcy-myths.html personal finance blog with anecdotes, advice and commentary. Sun, 22 Nov 2009 02:01:03 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Jay Fleischman http://www.bargaineering.com/articles/top-10-bankruptcy-myths.html/comment-page-1#comment-3085 Jay Fleischman Tue, 17 Jan 2006 18:38:16 +0000 http://www.bargaineering.com/articles/?p=610#comment-3085 Student loans can be discharged in a Chapter 13 only in the same way they can be discharged in a Chapter 7; that is, though an adversary proceeding and a showing of undue hardship. Student loans can be discharged in a Chapter 13 only in the same way they can be discharged in a Chapter 7; that is, though an adversary proceeding and a showing of undue hardship.

]]> By: Matt http://www.bargaineering.com/articles/top-10-bankruptcy-myths.html/comment-page-1#comment-3070 Matt Tue, 17 Jan 2006 09:19:23 +0000 http://www.bargaineering.com/articles/?p=610#comment-3070 Don't know for sure about child support, but student loans and taxes _can_ be discharged in Chapter 13...just not in Chapter 7. Don’t know for sure about child support, but student loans and taxes _can_ be discharged in Chapter 13…just not in Chapter 7.

]]> By: jim http://www.bargaineering.com/articles/top-10-bankruptcy-myths.html/comment-page-1#comment-3064 jim Mon, 16 Jan 2006 23:01:56 +0000 http://www.bargaineering.com/articles/?p=610#comment-3064 My response to the myth doesn't at all say that there is no opportunity to get credit after a bankruptcy, but everything I've read (which has been anecdotal) has indicated getting credit is very difficult and your rates will not be good and it matches what common sense would tell you. If I'm a creditor, I'm not going to smile when someone who just went bankrupt shows up for a loan because they are a riskier debtor than someone who hasn't gone through bankruptcy, plain and simple. People who have gone through bankruptcy can get credit but it's much harder but it gets easier as time passes and greater responsibility is shown. My response to the myth doesn’t at all say that there is no opportunity to get credit after a bankruptcy, but everything I’ve read (which has been anecdotal) has indicated getting credit is very difficult and your rates will not be good and it matches what common sense would tell you. If I’m a creditor, I’m not going to smile when someone who just went bankrupt shows up for a loan because they are a riskier debtor than someone who hasn’t gone through bankruptcy, plain and simple.

People who have gone through bankruptcy can get credit but it’s much harder but it gets easier as time passes and greater responsibility is shown.

]]> By: Jay Fleischman http://www.bargaineering.com/articles/top-10-bankruptcy-myths.html/comment-page-1#comment-3063 Jay Fleischman Mon, 16 Jan 2006 22:48:39 +0000 http://www.bargaineering.com/articles/?p=610#comment-3063 What the article does not say is that for people who are significantly behind on their debt payment with no realistic means of bringing those accounts current, bankruptcy may be a viable option. Myth #2 indicates that there is no opportunity to obtain credit post-bankruptcy; this is incorrect. Many people report having new credit cards, home mortgages, and car loans in as little as 18 months after bankruptcy. The decision of a company to grant credit concerns the customer's current situation; consequently, what becomes important is what you do after your bankruptcy case is completed. If you do nothing, save no money, and don't put your finances in order then you won't get new credit (nor should you - never get new credit unless you can pay for it). What the article does not say is that for people who are significantly behind on their debt payment with no realistic means of bringing those accounts current, bankruptcy may be a viable option. Myth #2 indicates that there is no opportunity to obtain credit post-bankruptcy; this is incorrect. Many people report having new credit cards, home mortgages, and car loans in as little as 18 months after bankruptcy. The decision of a company to grant credit concerns the customer’s current situation; consequently, what becomes important is what you do after your bankruptcy case is completed. If you do nothing, save no money, and don’t put your finances in order then you won’t get new credit (nor should you – never get new credit unless you can pay for it).

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