The Buckner Law Firm

1113 Odenton Road

Odenton, MD 21113

(443) 351-2011

FIVE MYTHS ABOUT BANKRUPTCY

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 "It’s impossible to get credit after filing bankruptcy"

Many people are able to begin rebuilding their credit during or immediately following their

discharge.  While interest rates may be higher than you would like, you will once again be able

to obtain credit. While the credit reporting bureaus may report the bankruptcy for ten years, in

most instances it does not take that long to obtain credit.

"Only people who are financially irresponsible file for bankruptcy"

This is false. The vast majority of the people who file for bankruptcy file because they have

either had a major change in circumstances like divorce or death of a loved one, or despite best

efforts to pay everyone on time, over the limit fees and late charges make it virtually impossible

to catch up. Filing for bankruptcy is nothing to be ashamed of and is a tool available for virtually

anyone that is seeking a fresh start.


"It's too expensive to hire an attorney for a Chapter 7."


This is false. Our office handles Chapter 7 cases for as little as $800 (plus court filing fee). We

also offer a long-term payment plan.

"You will lose everything you own in bankruptcy"

This is false.  In the majority of instances filers are able to exempt their property from the

bankruptcy estate allowing them to keep it.  Where filers own a significant amount of property a

Chapter 13 may be possible. In either instance The Buckner Law Firm can walk you through

your options.

"A Chapter 13 bankruptcy requires you to repay 100% of your debt"

In a Chapter 13 bankruptcy filers must make monthly payments to repay between 0%-100% of

their unsecured debt over a three to five year period. It depends on your unique circumstances

and your ability to pay, but by no means is this a requirement in every case.

"Only rich people file bankruptcy"

Untrue. More and more people are realizing how beneficial and effective bankruptcy can be in

wiping the slate clean.  Rather than fighting the uphill battle of making monthly payments, only

to see the balances rising, people are making their way to financial freedom. For more

information please call Attorney Lisa M. Buckner on (443) 351-2011 or email her at

lisa@thebucknerfirm.com today for a free consultation.