Kansas City Area Bankruptcy Firm
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Restore Your Credit, Reclaim Your Life Bankruptcy Firm Serving Kansas City & The Surrounding Areas
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Bankruptcy Myths

Our Kansas City Area & Johnson County Attorneys Help Put You at Ease

Bankruptcy comes with a number of negative myths and stereotypes. More often than not, clients come to our firm with concerns about their credit, their assets, and their future based on well-known myths that are completely untrue.

Let us help you dispel some of these myths. Read more below or contact our Johnson County & Kansas City bankruptcy lawyers at Moore & Associates, LLC to discuss your case during a free consultation.

Myth 1: I will never be able to borrow money again if I file bankruptcy.

Our disciplined clients that take steps to re-establish their credit have been able to increase their FICO scores in the 650-700 range within 2-3 years of filing. You can immediately begin to re-establish your credit after you file. In a Chapter 7 case you have to make on time payments on reaffirmed debts and in a Chapter 13, you have to make on-time payments in your plan and set up a post filing trade line (secured credit cards work really well), in order to rebuild your credit and get good rates when you borrow in the future.

Myth 2: I will lose all of my assets if I file bankruptcy.

The majority of filers do not have to surrender any assets or personal property. Kansas and Missouri have exemptions that protect you from creditors and most filers are able to set up an affordable plan to payoff car loans and other secured debts.

Myth 3: I need money to pay a lawyer to find out about or receive bankruptcy protection.

At Moore & Associates, LLC, not only do we offer free initial consultations, but clients may also retain our services for no cash upfront. Chapter 13 petitions can be filed in with no cash at the time of filing if you can make your Chapter 13 payments by wage withholding. You can retain one of our Kansas City or Johnson County lawyers to file a Chapter 7 case for as little as $100 upfront and make payments for court costs and other fees prior to the filing.

Myth 4: I have to pay all of my debts back if I file Chapter 13.

For the vast majority of filers the same debts that can be discharged in Chapter 7 can also be discharged in Chapter 13. It depends on your income level and the amount of assets that you have. Most people use Chapter 13 to pay off the debts that are not dischargeable like car loan, mortgage, taxes etc. Come in for a free consultation and one of our Kansas City and Johnson County Attorneys can help you draft an affordable plan to get your finances back on track.

Myth 5: My credit will be a mess for at least 7 years after my bankruptcy.

Bankruptcy is a process to help you create a solid credit foundation. Depending on what your credit score was when you filed, you could see your score exceed 650 within two to three years. If your credit was already damaged, bankruptcy will have little effect. If you are proactive and file before you get substantially behind on your bills you should be able to get your FICO score back up significantly faster, usually within one to two years. However, you must take the appropriate steps to rebuild. At your initial consultation with one of our Kansas City and Johnson County attorneys we will explain the most efficient way to get your credit back on track.

Myth 6: I am a terrible person if I file bankruptcy.

Many individuals and families file bankruptcy every year in order to ensure that their households remain financial viable. Many people have financial issues sometime in their life. Your current financial situation does not define who you are or your worth as a person.

Myth 7: I cannot file bankruptcy if I make too much money.

All individuals and families have the right to file bankruptcy. The amount of income and assets that you have can impact how your debts are treated or which chapter you can file. Even if you are a high income filer, bankruptcy can put you in a position to hit the reset button, stop the creditor harassment and get yourself back on track.

Myth 8: I cannot file if I have a job.

Not at all, in fact the bankruptcy code favors filers that are employed and in a position to receive their fresh start and have the steady income necessary to allow them to prosper after filing.

Myth 9: If I file bankruptcy and my spouse does not, it will hurt the non-filing spouse’s credit.

When only one spouse files for bankruptcy, it will not affect the non-filing spouse, and, in some instances, can be advantageous. A single spouse may file even with joint debts, where both partners are liable, in certain circumstances. Our Johnson County bankruptcy lawyers can review your situation and make sure you know all of your legal options.

Rave Reviews from
Happy Clients

  • The professionalism and attention to detail were amazing.

    “To say Moore & Associates were helpful is an understatement. The professionalism and attention to detail were amazing. I was working 3 jobs at the time, and trying to just keep my head above water and was slowly giving up on the idea that there was anyone who could help. I had talked with other law offices and I felt like just a number to them. That was not the case with Moore & Associates.”

    Mr. S.

  • Moore and Associates made us feel comfortable.

    “Moore and Associates made us feel comfortable during this very difficult time for our family. They were definitely professional as well as personable and kind. I will recommend Hill and his staff to family and friends if they too are faced with a situation such as ours.”

    Mrs. R.

  • Doug addressed all of my concerns during my bankruptcy.

    “Doug addressed all of my concerns during my bankruptcy. Never once did I feel belittled or unimportant to him or the staff. Everyone was very kind and virtuous. My case was given great attention to detail and communication was phenomenal!!! I have already recommended Moore & Associates to friends in need. ”

    Cherie C.

  • I will most certainly recommend you guys.

    “Great news. I received my secured credit card over the weekend, so timing was perfect. I will most certainly recommend you guys.”

    Mr. M

  • You all have been beyond awesome!

    “Hill, you all have been beyond awesome…and really have gone out of the way to make this a painless experience”

    Ms. D