1- Bankruptcy is only for a company’s financial problem
This should not necessarily be the case. Serious debt problems such as excessive credit card debt, outstanding medical bills, foreclosure, lawsuits, repossession, and garnishment, can easily be addressed in a Southern District of Florida Bankruptcy court process.
2- All my debs are included
Unfortunately, there are some debts that are not dischargeable in bankruptcy, alimony being one of them, child support, some taxes owed to the U.S. government, student loans, and some tax liens.
3- I can discharge medical bills in bankruptcy
Yes, you can discharge medical bills and hospital bills in bankruptcy. This is an important part of either a Chapter 7 or a Chapter 13 in bankruptcy.
4- I lose all my assets if I file bankruptcy
This is not the case. In fact, Chapter 7 Bankruptcy can help you make sure you do not lose everything you own. Bankruptcy exemptions protect many assets from creditors. As the result of bankruptcy exemptions, most people who file bankruptcy don’t lose anything but their debts.
5- I can file bankruptcy by myself
You should never declare bankruptcy without the experienced legal help of a professional who understands bankruptcy laws and how to protect your interests. You must be certain to understand the different types of claims to determine your eligibility and the respective process.