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Bankruptcy Myths

What About Bankruptcy Should You Know

The bankruptcy process seems intimidating. Many people believe that bankruptcy can hurt both their future permanently and their reputation. However, many bankruptcy myths can be dispelled.

An experienced Denver bankruptcy lawyer, David M. Serafin, will first explain to you the bankruptcy processm what bankruptcy is and is not, and how bankruptcy can eventually help your overall financial situation.

Bankruptcy Myths

Among the most prevalent bankruptcy myths are the following:

Myth #1 — With the Recent Changes to the Bankruptcy Laws, Chapter 7 is no Longer Possible

Not true. Even though the Bankruptcy Code changed in 2005, Chapter 7 debt relief remains a strong option for many in debt. With a Chapter 7 bankruptcy, most non–priority, unsecured debts are discharged and you get more financial freedom.

Myth #2 — My House, Vehicle and Personal Property Will be Taken if I File for Bankruptcy

False. With either a Chapter 7 bankruptcy or Chapter 13 bankruptcy, a pending foreclosure or repossession can be immediately stopped. With a Chapter 7 bankruptcy, a debtor can keep a house, multiple vehicles and personal property, if current on secured debt payments and if the property value is exempt. With a Chapter 13 Bankruptcy, a debtor can also keep a house, multiple vehicles and personal property, through a debt payment plan, even the debtor is behind on monthly payments and/or owns non–exempt property. Our office will help you determine which chapter of bankruptcy (if any) option is appropriate.

Myth #3 — I'll Need to Repay all Debts I Owe with a Chapter 13 Bankruptcy

Not necessarily. With a Chapter 13 payment plan, Attorney David M. Serafin can petition the Colorado Bankruptcy Court to reduce debts owed to certain secured and unsecured creditors to protect your real and personal property. Often, you can pick those creditors you wish to pay off in full. Typically, unsecured creditors get only pennies on the dollar over a three to five year period.

Myth #4 — I can Only File for Bankruptcy One Time

False. Even if you have already filed for bankruptcy in the past, depending upon the circumstances, you can file for bankruptcy again although the relief obtained and the type of case filed may vary.

Myth #5 - Bankruptcy is too Expensive

Not true. The Law Office of David M. Serafin makes the bankruptcy process easy for you. We guide you through the entire bankruptcy process and help ensure that financial future quickly improves.

Client Reviews
★★★★★
David Serafin is a talented and respectful attorney that works hard to get the best results for his clients. He's thorough at reviewing client cases and patient at explaining all the available options. I would certainly recommend him to anyone searching for help with a bankruptcy, a tax situation or estate planning. A. K.
★★★★★
Mr. Serafin is a consummate professional and his hard work and legal advice are second to none. He will give you outstanding personalized legal service, and you will be glad you chose him as your attorney. While some lawyers have a bad reputation for lacking ethics, Mr. Serafin holds himself to the highest of ethical standards and is in good standing with the Colorado bar. Pick Mr. Serafin for your tax and other legal needs - you will be glad you did. R.S.
★★★★★
If you are in need of a excellent attorney who will provide you support, guidance, professionalism, and most importantly, INTEGRITY. David does it all! I would not pass up his due diligence! R. T.