John Ernst, a Duluth GA Bankruptcy Attorney from Ernst & Partners, tells us clearly what debt is and is not wiped out when you file for bankruptcy.
A second common misconception about filing for bankruptcy is that every last penny of your debt is wiped out. Sorry to say, that isn't exactly true.
Some types of debt cannot be erased. For example you will still owe child support and alimony, as well as student loans. Also be aware that any debts incurred as the result of fraud will still be owed. If you've defrauded someone and a judgment has been made against you, that won't be erased either.
Watch this short video while John Ernst, Bankruptcy Expert, explains:
For more videos about filing for bankruptcy in Duluth, GA, go here.
To read about Georgia bankruptcy laws, see this website.
Before you decide to file for bankruptcy, listen to John Ernst from Ernst & Partners, Bankruptcy Attorneys in Duluth, GA, clear up common misconceptions about filing for bankruptcy.
I'm worried that everyone will know I've filed for bankruptcy.
Unless you're a celebrity or a major corporation and the filing is picked up by the TV stations, the chances are very good that the only people who will know about a filing are your creditors. There is no one coming by your house and putting a sign out in your yard that you filed for bankruptcy.
While it's true that bankruptcy is a public legal proceeding there is no newspaper out there that are running the names of people who filed and even if there was one, no one would read that paper. Likewise, in an interview for a job later, if they ask if you had filed bankruptcy I would answer truthfully because they could check.
That question is more of making sure that you are truthful unless you are applying for a high level banking job or accounting firm which may have restrictions against people filing bankruptcy. Those are only a few jobs out there.
Since the crash, the numbers of people having to file was so massive that stigma against filing is not as bad. Even Donald Trump’s business have filed for bankruptcy to restructure the debts.
Watch more of our bankruptcy videos here.
Here is more bankruptcy information from the State Bar of Georgia
Generally people thinking about filing for bankruptcy are in a rather uncertain financial situation. The idea that they will have to spend more money to get out of debt can, well, be hard to swallow.
This uncertainty means that people filing for bankruptcy are often "price shopping". Maybe you have seen ads that say "File for Bankrutpcy, $75".
Sadly, you can not file for bankruptcy for $75. Here John Ernst, from Ernst & Partners in Duluth GA tells you what to expect when filing for bankruptcy.
If you want to read more about the costs of filing for bankruptcy as well as other ins and outs of the process, please watch this video on youtube.
