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Misconceptions about Chapter 7 Bankrupcy

Most people in the Myrtle Beach area who file for Chapter 7 bankruptcy due so because of monetary stress caused by long term unemployment, legal fees associated with divorce and the financial impact of supporting two households, and the high costs of medical care-not because of irresponsible, out-of-control spending (although those cases certainty exist).


Chapter 7 bankruptcy does not discharge all debts. Alimony and child support obligations are not erased from the ledger, and monetary penalties associated with criminal acts remain in place. A person is usually on the hook for student loans, too, with some exceptions. Tax debts might be reduced or discharged in certain situations, but only if a person files their tax returns.


Some people rack up credit card debt before filing for bankruptcy, reasoning that the debt will be discharged, so why not Well, records will be delved into. If the court sees something suspicious, it will consider it fraud and the debt(s) will not be discharged.


Filing for Chapter 7 may hurt a person's credit temporarily but won't permanently ruin it. A secured credit card (tied to a bank deposit) may be available one month after debt discharge, and regular credit card in six to twelve months. Car dealers will be eager to do business right away, although at higher interest rates, and a person may be eligible for a mortgage in two to three years.


Filing for bankruptcy is not all roses and champagne. A person could very well lose some property in a Chapter 7 filing, and there are filing costs to contend with (roughly $1,000.00- $1,500.00).

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