In the course of my work as a Colorado bankruptcy attorney, I find that there are a lot of common misconceptions that consumers have about personal bankruptcy. Unfortunately, these misconceptions can sometimes cause consumers to make the wrong financial choice, resulting in needless expenses and personal difficulties. Here are the five most common “myths” I’ve found surrounding the topic of bankruptcy: Myth #1: When someone files bankruptcy, they will lose everything. It’s a popular notion that bankruptcy requires consumers to hand over all of their assets to their creditors. However, most people keep all of their property after bankruptcy. This is because most states have a long lists of assets that are exempt from liquidation during bankruptcy. Common bankruptcy...
