Michael L. Detzky Consumer Bankruptcy Law Blog on Lawyers.com

By far the most prevalent myth concerning bankruptcy is that if you file a bankruptcy petition you will incur an automatic prohibition from obtaining new credit for a certain number of months or years after the case has been concluded. This is entirely false and stems from a misunderstanding of the fact that a bankruptcy filing, like all other negative credit information, will remain on your credit profile for ten years. The truth is that there is absolutely nothing in the Federal Bankruptcy Code which prohibits an individual from obtaining new credit, either secured or unsecured, after their bankruptcy case has been concluded. In fact, it was the routine practice of the credit card industry to purchase the names of individuals who had recently been discharged in bankruptcy and to send them written solicitations to obtain new credit cards! While it is true that you'll probably pay a higher interest rate for any mortgages or auto loan that you apply for right after you've been discharged, the fact is that there is no law which in any way prohibits you from obtaining new credit after your bankruptcy case has been concluded.

Don't get your bankruptcy information from "the butcher, the baker or the candlestick maker." Speak only to an experienced bankruptcy lawyer to get the straight facts about bankruptcy and how it may benefit you and your family.

Michael L. Detzky, Esq.

45 Court Street

Freehold, NJ 07728-1709

(732) 780-3090

www.detzkylaw.com