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When you’re undergoing a bankruptcy case, or about to undergo one, you should know about these “bankruptcy secrets” your creditors would probably not want you to know (or probably, they don’t mind at all). Either way, learn these 3 secrets – and learning them can change your situation in these darkest of times.

Without further ado, here are the 3 “bankruptcy secrets” you should know:

  1. Most or all of your properties can be maintained – Just because you’re under heavy debts doesn’t give creditors a right to immediately seize all of your properties. You can still keep ownership to many (or even all) of your properties. To know about maintaining property during a bankruptcy case, ask your lawyer about Chapter 11 Bankruptcy. That secures your property to you as you reorganize your business during bankruptcy.
  2. Bankruptcy won’t destroy your credit – You may think that bankruptcy means you lose your credit forever – no, it doesn’t. You’ll lose some credit, that’s for sure, but you won’t lose your credit forever. You can always rebuild! If you wonder why, that’s because credit is necessary in rolling the economy. People don’t care how many times you sank in bankruptcy, as long as you show you’re disciplined enough to handle your case. If you show up as promising despite your bankruptcy records, they’ll always give you a chance; it’s in their interests, anyway. Bankruptcy won’t destroy your credit.
  3. There’s no minimum amount of debt required before you can file for bankruptcy – What is bankruptcy for, to begin with? It simply means you can’t pay your debts anymore. So why there’s no minimum amount of debt required before you can file for bankruptcy? Because it doesn’t matter. As long as you can’t pay your debts, whether that be $5,000, $10,000 or $100,000, you can always file for bankruptcy. Besides, filing for bankruptcy isn’t even in your best interest; you take it as your final resort. But if you want to file for bankruptcy now, don’t pressure yourself, thinking, “Oh I want to file for bankruptcy now, but I can’t because I only owe $9,000. I think I need $10,000 before I can file one!” No, there’s no minimum requirement.

Learn these bankruptcy secrets, quash the myths, and find help from your bankruptcy lawyer. You’ll avoid doing common mistakes and be better off in the long-run.