Myth #1: It's almost impossible to file for bankruptcy under the new laws.

A: False. With the help of a professional bankruptcy attorney the new laws can actually increase the benefits of filing for many individuals.

Myth #2: Everyone will know you have filed for bankruptcy.

A: False. While true that bankruptcy is a matter of public record, the number of filings is so large that unless someone is specifically researching information on you there is almost no likelihood that anyone will know you filed unless you choose to tell them so.

Myth #3: If you file for bankruptcy you will lose everything.

A: False. Oklahoma bankruptcy exemptions allow for individuals to keep certain kinds of property such as their home and transportation.

Myth #4: Your credit will be affected for the rest of your life.

A: False. As stated in our FAQs: If you are truly a candidate for bankruptcy you will be less of a risk to creditors after filing than you were before. Bankruptcy will stay on your credit record for 10 years. The further in the past your bankruptcy becomes the less it will have an effect on your credit. Just two years after filing bankruptcy individuals may be eligible for mortgage loans on the same terms as others with similar down payments and current financial standings.

Myth #5: If you're married both you and your spouse have to file for bankruptcy.

A: False. Though in some instances it can be beneficial for both spouses to file, in no way is this a requirement by law.

Myth #6: Only deadbeats file for bankruptcy.

A: False. Particularly in today’s economy it's good, honest, hard-working people just like you and me who file as a last resort. Many individuals realize that they have a responsibility to put their families financial well being first and file bankruptcy. Many individuals are saddled with debt due to a circumstance such as divorce, job loss, or serious illness. Regardless of the reason, filing bankruptcy can be one of the most positive, responsible steps you can take.

Myth #7: Even if you file for bankruptcy creditors will still harass you.

A: False. When you file for bankruptcy an automatic stay goes into effect that by law STOPS creditors from hassling you regarding your debt.

Myth #8: You can't eliminate back taxes through bankruptcy.

A: False. In many instances income taxes three (3) years or older can be eliminated.

Myth #9: You can only file for bankruptcy once.

A: False. Though the goal is that one bankruptcy will be enough to get you back on track, multiple filings are possible under the law.

Myth #10: You can pick which debts and property are affected by your bankruptcy.

A: False. Unfortunately this is not true. When you file for bankruptcy you have to list all of your property and debts. Depending on what type of bankruptcy you file for you will likely have the opportunity to retain important assets.