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When it comes to solving financial problems, misinformation can get in the way of facts and deter people from taking corrective action. Greene Law, PC in Farmington, CT, features experienced bankruptcy attorneys dedicated to providing debt relief to individuals overwhelmed by financial struggles. Below, they offer facts to dispel myths surrounding Chapter 7 and 13 bankruptcy filings. 

3 Common Bankruptcy Myths

1. I Still Have to Repay My Debts if I File Bankruptcy

Generally, this is false. If you qualify for a Chapter 7 bankruptcy you do not repay debts that you include in the petition, such as medical bills and credit card bills. However, if you owe income tax or child support, they are not dischargeable debts, and you must repay them.

2.  If I Fail the Means Test, I Can’t File Bankruptcy

bankruptcy attorney False. If the means test shows you have too much income for Chapter 7, you can file under Chapter 13, which is a repayment plan. An alternative is waiting until your income and debt come within the means test range. An experienced bankruptcy attorney will discuss your situation with you and guide you to the best solution. 

3. I Can Only File Bankruptcy Once

You can file Chapter 7 and 13 bankruptcies multiple times, but the law sets time limits between filings. After you receive a Chapter 13 discharge, you must wait two years before filing another Chapter 13 petition. If you receive a Chapter 7 discharge and want to file another Chapter 7 petition, you’ll have an eight-year wait.

At Greene Law, PC, dedicated and skilled bankruptcy attorneys provide wise counsel and strong advocacy. These attentive and compassionate attorneys focus on relieving your financial burden and protecting your legal interests. If you are struggling with debt, contact Greene Law, PC in Farmington, CT, today. Call (860) 676-1336 or email them through their website to schedule an appointment with an experienced bankruptcy attorney. 

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