The bankruptcy laws are quite complicated and that has led to several misinterpretations among people. Especially, after the introduction of the new laws, these laws have become more complex than they were previously. Since the new laws are in the favor of creditors, several debtors have taken these in the wrong spirit. If you are planning to file a court petition under chapter 7 or chapter 13 bankruptcy, it is very important for you to comprehend the basic understanding of the laws so that you can make an informed decision. The attorney will certainly be a great help to you, but the more informed you are, the better are your chances of getting the judgment in your favor. Misconceptions regarding the laws will only make things much more difficult for you. Let us go exploring some of the misconceptions and the reality behind them.
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Misconception 1 - After Being Declared As Bankrupt By The Court, The Debtor Will Lose His Or Her Job
The most common misunderstanding about insolvency is that once a person is hence declared, he or she is socially rejected. This is not true at all. Bankruptcy laws prohibit such discrimination. There can be genuine reasons for a person filing for such an unfortunate thing. It should not in any way mean that they are not to be provided with another chance to get their financial life back on track. It is very important for you to understand that the bankruptcy code has been designed to achieve two objectives - protect the debtors and help the creditors get their money back. Therefore, if your employer is firing you just because you have been declared as bankrupt, they are acting against the law. You can file a case against them and fight for your rights.
Misconception 2 - Filing A Petition For Insolvency Means That You Will Be Sent To Jail
Many people think that as per the bankruptcy laws, a person must be sent to jail if he files for it. It is also not true at all, a sheer misapprehension. It is only because of the unawareness of people that they think about such drastic things. It is very important for you to understand that filing bankruptcy will not put you in jail. However, if you are caught in some fraudulent act regarding your case, you might be sent to jail as per the criminal act. But, if your case is genuine and your purpose of filing your petition is just to get protection from the court so that you could get another chance to get your financial life back on track, you will not be sent to jail. Always remember, there are no debtors prisons in the United States.
There are several other misconceptions as well. Therefore, if you want to make the best use of the bankruptcy laws, it is very important for you to be well informed.
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