by Brett Weiss, Maryland Bankruptcy Attorney
Bankruptcy is an area of the law that people avoid. They don’t want to think that they might need its protections one day, and as a result, lies about what it can and can’t do, and what happens in a typical case, gain a foothold in the popular consciousness. This is particularly so since it is to bill collectors’ advantage to continue to spread these lies in the hopes people actually believe them.
Unfortunately, being lies, they’re wrong, and in most cases, really, really wrong.
This article will talk about 15 of the most common lies about bankruptcy. Each lie has a link–clicking on it will take you to a description of the lie, along with our “Truth-o-Meter” rating.
Lie #8: It’s Really Hard (and Expensive) to File for Bankruptcy.
Lie #15: There is a Minimum Amount of Debt Required to File for Bankruptcy.