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Sam Calvert


If you cannot afford to pay back creditors, it might be wise to declare bankruptcy sooner rather than later, as it will offer debt relief and peace of mind. However, many misconceptions mislead clients into believing that filing for bankruptcy is not a good idea. 

So, to help you steer clear of these misconceptions, Sam Calvert, Attorney at Law, has debunked some of the most widely believed myths about bankruptcy.

Myth 1: You will lose everything you own in bankruptcy.
Contrary to popular belief, if you file for bankruptcy, you will NOT lose everything you own. The law lets you keep a certain amount of “stuff.” In Minnesota, you can protect your home for up to $420,000 in equity. Besides, it covers about $10,000 of household goods, a car for up to $5,000 in equity, and retirement accounts up to $1,000,000.

Myth 2: Bankruptcy permanently ruins your credit.
Bankruptcy will not wholly terminate your credit. For seven to ten years, bankruptcy will be on your credit report, but I see people getting perfectly ordinary home loans within four years (or less) of filing bankruptcy.

According to “You may have a higher credit score a year after bankruptcy than before filing as you stop fighting an impossible battle and begin rebuilding.”

Myth 3: You can only file for bankruptcy once.
Of course, you hope you only need to file for bankruptcy once, but if you have a financial catastrophe after you file, you can go through the process again. The period between chapter 7 filings is eight years (filing date to filing date), but you can file a chapter 13 “in between” if you need. 

If you’re looking to steer clear of these myths and know more about the detailed rules, reach out to Sam Calvert, Attorney at Law in St. Cloud, Minnesota. As a former member of the private panel of bankruptcy trustees for chapter 7 and chapter 12, I have the expertise to represent individuals and small businesses in financial distress.

My practice areas include chapter 7 bankruptcy, chapter 13 bankruptcy, chapter 11 bankruptcy, business bankruptcy, and bankruptcy litigation. I also specialize in real estate, wills, and estate planning.

For a complete list of my services, please click here. If you have any questions about Sam Calvert, Attorney at Law, I’d love to hear from you. Please contact me here. 

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