Myth 1: Bankruptcy is difficult process. – FALSE
you should not be intimidated by the bankruptcy laws or the credit card disinformation.  We can explain the different types of bankruptcy and the process over the phone or in person with one of our attorneys.  The process is straight forward.  We can answer all of your questions.

Myth 2: People who file for bankruptcy can never get credit or a home. – FALSE
Often time, you are more credit worthy after bankruptcy because you do not have any debt.  Your credit score will typically be in the normal range in less than 24 months.   You can get a credit card and credit immediately after your bankruptcy.   If everything else is going well, you can purchase a home in about 24 months.

Myth 3: If I file for bankruptcy, I will lose my assets – my house, car, pension, IRA, or 401(k). – FALSE
the bankruptcy laws allow for a number of exemptions.  This is what you get to keep and still file for bankruptcy.  In Michigan you can choose federal or state exemptions.  Your exemptions include equity in a home, a car, household good, tools, jewelry, and all retirement account.  Almost everything you have is more than likely exempt.

Myth 4: I am unemployed so I am uncollectable. – FALSE
In Michigan, creditors have 6 years to sue you.  After they get a judgment, they have another 10 years.  Typically the debts are assigned over and over to try and get money from you.  The only way to stop them is to file for bankruptcy.  Also, the best time to file for bankruptcy is when your income is at its lowest point.  You don’t want to get a new job and have creditors call you.

Myth 5: If I file, I will lose my job or not get a new job. – FALSE
In most cases, employers will not find out about the bankruptcy unless you choose to tell them. Either way, employers are not allowed to fire or refuse to hire someone (or take other adverse action) for filing bankruptcy.

Myth 6: If I file for bankruptcy, I will hurt my spouse’s credit or they will have to file with me. – FALSE
just because you are married, you do not have to file for bankruptcy together.  A person can file without their spouse.  Also, when one spouse files for bankruptcy protection, his or her spouse’s credit is not affected.

Myth 7: Bankruptcy will not help me because I owe taxes. – FALSE
Some taxes are dischargeable in bankruptcy and some are not.  We can help you and explain your options.

Myth 8: Very few people file for bankruptcy. – FALSE
You are not alone.  Over one million people a year fall on financial hard times and are required to file for bankruptcy relief.

Myth 9: Most debts are a result of irresponsible over spending. – FALSE
Most debts resulting in bankruptcy are a result of medical bills and periods of unemployment.  Credit card debt usually accumulates over time.   Prior to bankruptcy, the person has actually paid the debt back to the creditor.  What is left owing is outrageous amounts of interest (that are discharged).

When you need a Grand Rapids Bankruptcy Attorney, remember to call Krupp Law Offices PC for fast honest advice about your financial problems and get honest advice about your options.  Krupp Law Offices represents clients in cases throughout West Michigan, including the cities of Grand Rapids, Kalamazoo, Big Rapids, Ionia, Muskegon, Grand Haven, Stanton, Greenville, Wayland, Allegan, Holland, Ludington, Cadillac, Baldwin, Newaygo, White Cloud, Fremont, Coopersville, Reed City, Lake City, Hart, Hastings, Middleville, Wyoming, Rockford and Portage, including Kent County, Ottawa County, Newaygo County, Ionia County, Mecosta County, Barry County, Montcalm County, Allegan County, Kalamazoo County, Osceola County, Lake County and Muskegon County, Michigan.

Call for a free phone consultation.  Our office can help.

161 Ottawa NW Suite 404
Grand Rapids MI 49503
616-459-6636 or

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