When filing for bankruptcy you should consider the most common myths. Within San Antonio both federal and state regulations operate in Texas, to help support debtors and provide options for relief.

1. Bankruptcy is not an option because of the means test

Firstly, the means test is designed to prevent people with high disposable incomes filing chapter 7, as its purpose is for those in the situation where they really can not pay back their debts. If you have considerable consumer debt or the piling up of medical bills has added up to a considerable amount of debt, chapter seven could be the best option in that situation. Many attorneys offer means test calculators. In addition, if you do not meet the qualifications for chapter 7, there may be other bankruptcy options that are available .

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

Having a regular income means that you may have more options when filing bankruptcy.

3. Bankruptcy is not an option because I will lose everything I have worked for

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. Property and asset loss can be minimized by consulting an attorney as soon as you recognize the problem.

4. If i file for bankruptcy it will cause me to loose my job.

For a start, there is very little likelihood that your employer would find out. Also consider, San Antonio is subject to both federal and state law. Federal law states that if a person is bankrupt you cannot discriminate against them. So this should be a non issue.

5. My image will be torn if I file for bankruptcy

Unless you are a prominent figure in San Antonio, a simple bankruptcy case is unlikely to draw attention of any kind even though it is a public matter. The people close to you probably will not know either.

6. I should spend as much as I can since filing for bankruptcy will wipe out all those debts

Avoid going on any type of spending spree prior to filing. The court may take the view that you behaved fraudulently by accruing more debt when you knew you were unable to repay it. Best case scenario, the debt would still have to be paid and would not be included in the discharge. However, acting in this way could seriously hurt your bankruptcy process.

7. You can transfer your property to avoid losses

This is a potentially fraudulent act. Though, property still held by the debtor can frequently be protected. It is best not to act precipitously as all actions involving money and property prior to filing will be scrutinized rigorously.

8. It is possible to declare only some debts

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

9. Bankruptcy will get rid of your home loans

Filing may save your house from foreclosure, but you must act quickly. When foreclosure proceedings have been started, consult a San Antonio Bankruptcy attorney with experience in recovering these situations. It is possible. But, the loan will still have to be repaid.

10. Will be completely debt free after discharge

Depending on your debts it varies to which can and cannot be discharged. For example, student debt is difficult to get discharged unless undue hardship can be proved. Familial obligations, such as child support and alimony, cannot be discharged.

If you found this information helpful more information by Howl Jones can be found at his site, San Antonio Attorney . His site cover more in-depth information on San Antonio Bankruptcy, and credit card defense for residents of Texas.