Do not be misled by myths that are associated with filing bankruptcy. In San Antonio, as in the whole of Texas where both federal and state regulations operate, debtors have a lot of support and options.

1. The means test is the sole criteria for bankruptcy approval

The means test was created as a preventative tactic for people filling chapter 7 that had high disposable income, as its purpose is for those who are truly unable to pay back their debts. If the debt you have is considerable amount or the piling up of medical bills has added up to a considerable amount of debt, chapter 7 may be the best option. To calculate this many attorneys offer the calculations for a means test. Additionally, if chapter seven is not an option for you, there are other options for bankruptcy that maybe more suitable for your situation.

2. If you have a job bankruptcy is not an option

If you have a job it actually may give you more options when it comes time to filing for bankruptcy.

3. Filing for bankruptcy will cause you to loose everything

This is not true, but many people have this fear that causes them not to file or even speak to an attorney regarding their situation. It is also a fear that causes people to delay the inevitable with attendant loss of property. The sooner you react and make proactive decisions such as seeking advice the greater the chance of minimizing asset loss.

4. I cannot file for bankruptcy because I will loose my job.

It would be very unlikely for your employer to find out if you filed for bankruptcy. More importantly, San Antonio is subject to both federal and state law. Under federal law, it is illegal to discriminate against a bankrupt person; therefore, this should not be an issue.

5. Bankruptcy is not an option because I will be exposed to scandal

Bankruptcy is a public matter but a simple one is unlikely to draw attention unless you are a well known figure in San Antonio. The people close to you probably will not know either.

6. With bankruptcy looming, a spending spree on the credit cards will be absorbed in the process

Spending a lot of money at once before a bankruptcy filing is not recommended. the court may see this spending in a short period of time as fraudulent if you knew you were unable to repay those bills. At the very least, this would mean that the debt would not be included in the discharge and still have to be paid. However, serious consequences could develop from these actions.

7. You can transfer your property to avoid losses

Doing so could be considered a fraudulent act. But, the debtor can still protect property that they currently hold. It is best not to act precipitously as all actions involving money and property prior to filing will be scrutinized rigorously.

8. You have the option to only declare some debts

Undeclared debts cannot be discharged, so this just does not make sense.

9. When you file for bankruptcy home loans are wiped out

If you file you may avoid foreclosure on your house, but you must act quickly. In the event foreclosure proceedings have been started, seek the advice of a San Antonio bankruptcy attorney with past experiences in recovering these situations. it may very well be possible. Though, you will still have to repay the loan.

10. Will be completely debt free after discharge

Depending on your debts it varies to which can and cannot be discharged. An example is student loan debt, this is difficult to get discharged unless undue hardship can be proven. Other examples of debt that cannot be discharged are alimony, and child support.

Are you looking for more information to help you make an informed decision on a possible San Antonio Bankruptcy . Audus Zinkman can help provide you with the formation you need on his San Antonio Attorney website.