Many of the bankruptcy cases that area unit filed by people area unit referred to as "no asset" cases. this implies that the someone or debtors preserve all of their belongings. the rationale for this is often bankruptcy offers you the privilege to stay a definite quantity of property during which you'll begin over with. The belongings that you simply area unit ready to keep area unit referred to as exempt property. counting on the state you reside in can verify what you'll keep.
Misconception #2: BANKRUPTCY RUINS YOUR CREDIT FOR seven TO ten YEARS.
Truth:
This idea is unbelievable. There area unit several cases during which filing for bankruptcy can improve your credit. this is often correct for several debtors, as a result of upon receiving their discharge, they're debt free. Often, their debt to financial gain quota is zero. Once your bankruptcy is over, you'll then begin the event of reconstruction your credit. If you're a proactive person, it's necessary to get new credit and to pay all of your requirements on time. If you're doing this for a continuing 2 to 3 years you'll reinstate smart credit.
Misconception #3: you can't DISCHARGE TAXES IN BANKRUPTCY.
Truth:
Conflicting with the common idea, generally financial gain taxes are often freed in bankruptcy if you have got the subsequent information:
1. The taxes need to be a minimum of 3 years recent
2. The associated come back should of been filed a minimum of 2 years past
3. Any supplementary appraisal was quite 240 days past.
4. There was no participating in fraud or evasion from the remunerator
There area unit several reasons during which these time periods have the chance to be extended, don't figure this stuff alone to work out the discharge-ability of taxes counting on your state of affairs.
Misconception #4: MEDICAL BILLS can not be DISCHARGED IN BANKRUPTCY.
Truth:
Just like most bills, medical bills can even be discharged in bankruptcy. There area unit several suspicions during which people assume otherwise. where this idea is coming back from is fake. In fact, one in all the most 3 reasons that a private can file for bankruptcy is medical bills, alone with job loss and divorce.
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