1. MYTH: “WHEN I FILE A BANKRUPTCY I WILL NOT HAVE GOOD CREDIT AGAIN”

REALITY:
 The reality is that by availing yourself of the Federal Bankruptcy Law, your credit is affected.
Chapter 13: Under this chapter, bankruptcy will be reflected in the credit history for seven (7) years from the filing of bankruptcy. As these years pass, and your bankruptcy plan has been completed, you may require the companies in charge of reporting your credit history to erase the bankruptcy entry from your credit history. But not all is lost. If after one year paying your bankruptcy plan, you can apply for the purchase of your first residence under FHA, regardless of whether you are still paying your bankruptcy plan. In addition, many creditors recognize that individuals who file bankruptcies are a vital part of our country’s economic system and that they provide credit,

Chapter 7: Under this chapter, bankruptcy will be reflected in the credit history for ten (10) years from the filing of bankruptcy. As these years pass, and your bankruptcy plan has been completed, you may require the companies in charge of reporting your credit history to erase the bankruptcy entry from your credit history.

2. MYTH: “FILE A BANKRUPTCY PETITION WILL AFFECT THE STABILITY
OF MY FAMILY”


REALITY: On the contrary, when filing a bankruptcy petition, it will paralyze any collection process, be it judicial or extrajudicial. This means that you will be able to prevent debt collectors from coming to your home, your workplace and even avoid telephone calls from debt collectors.

3. FEAR: “I AM VERY AFRAID TO GO TO COURT AND TO BANKRUPTCY-RELATED JUDGMENTS”

REALITY: Going to bankruptcy-related hearings should not cause you fear. Our attorneys will prepare you for the hearings you are required to attend. Most views last 10 minutes. Our attorneys will assist you and you should know that the employees, attorneys, judges and trustees are trained and experienced professionals necessary for you to feel comfortable in each visit to which you have to attend. In most cases, our clients attend only two views, and in other cases only one view.