Here the common misconceptions about bankruptcy that you should not believe and the truth behind them. For more information visit http://www.newhorizon.org/credit-info/bankruptcy-myths-you-should-not-believe/ Also you can get a copy of your credit report here http://www.newhorizon.org/Info/creditreports.htm

1. Personal Bankruptcy
MISCONCEPTIONS
You Must Not Believe
by: www.newhorizon.org

2. You most likely hear many things concerning
bankruptcy….
However, there are a few misconceptions about
bankruptcy going around in the market that can
influence your decision on issues of finance.
Here are the common misconceptions about
bankruptcy and the truth behind them…

3. MYTH #1:
You will never bounce back from the negatively affect
bankruptcy brings.
TRUTH:
Filing for bankruptcy will erase all your credit
history but the damage does not need to last
forever.

4. MYTH #2:
You must wait for seven years before you can apply for new
credit.
TRUTH:
A record of bankruptcy will remain in your credit report for
seven years but it does not mean you should wait that long
before you can acquire new credit.

5. MYTH #3:
You should immediately file for bankruptcy to escape from
debts.
TRUTH:
Since the new bankruptcy law has been approved, the
application process for bankruptcy has been tightened to
discourage consumers from declaring bankruptcy when
other solutions are available.

6. For more information
about common myths about bankruptcy
http://www.newhorizon.org/credit-info/bankruptcy-myths-you-should-not-believe/
Get a copy of your credit report
http://www.newhorizon.org/Info/creditreports.htm