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Common Bankruptcy Myths


You can’t know whether to believe bankruptcy myths or not  if you don’t have accurate information about the law and what the process can and cannot do.

Our aim at Flexer Law is not only to practice law.  It is also to educate our clients and our community about making the most of bankruptcy’s opportunity for a fresh start.  For most of our clients, that process starts with our bankruptcy lawyers taking the time to separate the truth from the myths and carefully guide you through the bankruptcy process.

Common Bankruptcy Myths:

1.) “I’ll lose everything.”

False. The bankruptcy process was created to give people a meaningful fresh start. Leaving you with nothing but the shirt on your back would more or less be condemning you to long-term poverty. The truth is that bankruptcy allows most people to keep their homes, cars and all of their personal possessions.

2.) “Filing for bankruptcy is irresponsible.”

False. Most people who need the kind of help bankruptcy offers need it because of circumstances beyond their control. Even if you’re not one of those people, filing for bankruptcy is actually a more honest and responsible thing to do than continuing to shuffle deck chairs on the Titanic while you sink deeper in debt with each passing month.

3.) “You can only file for bankruptcy once.”

False. You can obtain a discharge under Chapter 7 bankruptcy once every eight years. You can file for Chapter 13 more often, but cannot obtain a Chapter 13 bankruptcy discharge within four years of a previous Chapter 7.  (If you have filed bankruptcy before, check out this video to review the time limits about when you can file again.)

4.) “My credit will be permanently ruined.”

False. Although filing for bankruptcy will hurt your credit rating for a while, missing monthly payments to creditors and falling further behind each month is already accomplishing the same thing. In reality, bankruptcy sets the floor and from here, your credit can only get better. You should also know that most people are able to get credit on decent terms a lot sooner than they ever thought possible.


As a law firm, we consistently file more bankruptcy petitions than any other firm in the Middle District of Tennessee. And having handled more than 30,000 cases, our bankruptcy attorneys have the experience to help you find the right approach for your specific circumstances. Don’t hesitate to contact us to discuss your options. We offer free consultations.

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