This myth is a corollary of the one above. It comes into play when people think they are going to lose their property if they disclose it all.
This is a dangerous myth, and can actually turn into criminal behavior if acted upon. There is not a lot of potential for criminal behavior in bankruptcy except this. Being honest and forthright is what bankruptcy is all about. You’re laying your cards on the table and saying with great accuracy-- I cannot repay this debt. So all assets have to be disclosed, even bank accounts with negative balances.
A good bankruptcy attorney can keep you from having property taken from you that you do not want to lose by perfectly legal means. It may not have the convenience of the dishonest way, but it will keep you out of trouble and in control of your destiny.
Top 10 Myths About Bankruptcy
- Debt consolidation is as good as bankruptcy
- Everyone will know you filed bankruptcy
- You will never get credit again
- Filing bankruptcy will hurt your credit for 10 years
- Only deadbeats file for bankruptcy
- Your property will be sold by the bankruptcy trustee
- You have to hide assets to file bankruptcy
- It is expensive to file bankruptcy
- It is hard to qualify to file bankruptcy
- Taxes are not dischargeable in bankruptcy
