Bankruptcy Myths

When it comes to the topic of bankruptcy, there are numerous myths which surface. These myths are usually created by people who do not fully understand the general process or bankruptcy law. Below are some of the most common myths the lawyers at McCann, Ribstein & McCarty encounter while working with our clients:

Bankruptcy does not appear on your credit report. This is false. After a person successfully files for bankruptcy, the bankruptcy will appear on his/her credit report for 7 to 10 years, depending on the type of bankruptcy the person filed for.
You can never get a credit card after you file for bankruptcy. This is not true. More and more lenders are making exceptions to the rule when it comes to bankruptcy and extending credit. Often times, people are able to obtain credit cards after they file for bankruptcy, but their credit lines may be lower and/or their interest rates may be higher.
All debts are discharged after a person files for bankruptcy. This is false. If a person owes child support or has student loans, their debt will not be discharged and they will still be responsible for paying what they owe.
You can file for bankruptcy as often as you like. People cannot continually file for bankruptcy. In fact, in order for people to meet bankruptcy eligibility requirements, they must not have filed for bankruptcy in the past 8 years. It would be impossible for a person to file for bankruptcy again and again.
I will lose everything I own. This is not always the case. Many times, people are able to avoid losing their homes, vehicles and other types of property. This is especially true for people who work with skilled bankruptcy attorneys instead of filing for bankruptcy on their own.

The McCann, Ribstein & McCarty Law Firm assists individuals who are looking to file for bankruptcy throughout South Dakota.

Proudly assisting all of South Dakota including the following Counties: Aurora County, Beadle County, Bennett County, Bon Homme County, Brookings County, Brown County, Brule County, Buffalo County, Butte County, Campbell County, Charles Mix County, Clark County, Clay County, Codington County, Corson County, Custer County, Davison County, Day County, Deuel County, Dewey County, Douglas County, Edmunds County, Fall River County, Faulk County, Grant County, Gregory County, Haakon County, Hamlin County, Hand County, Hanson County, Harding County, Hughes County, Hutchinson County, Hyde County, Jackson County, Jerauld County, Jones County, Kingsbury County, Lake County, Lawrence County, Lincoln County, Lyman County, Marshall County, McCook County, McPherson County, Meade County, Mellette County, Miner County, Minnehaha County, Moody County, Pennington County, Perkins County, Potter County, Roberts County, Sanborn County, Shannon County, Spink County, Stanley County, Sully County, Todd County, Tripp County, Turner County, Union County, Walworth County, Yankton County, Ziebach County

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Bankruptcy Myths

The McCann, Ribstein & McCarty Law Firm assists individuals who are looking to file for bankruptcy throughout South Dakota.

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