One of the most popular bankruptcy myths is that you can start with a clean credit slate. Nothing is further from truth. You will in fact, carry the stigma of being a risky investment for 10 long years once you have filed for bankruptcy.

Another popular bankruptcy myths is that all your debts will be discharged after the filing. Again, the truth is different. Certain debts such as alimony, child support and student loans do not come under the purview of the bankruptcy filing.

Another very dangerous bankruptcy myths is that if one’s spouse files for bankruptcy, the other will not be affected. Wrong – if there are joint accounts, it will affect the spouse.

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If you are looking at it carefully, all identity thefts are criminal activities; however, in this case, by criminal identity theft it’s meant more than just breaking the law. It means that this is done with criminal intent – such as planning embezzlement of money, stealing jobs or benefits, acquiring false insurance payments, and so on.

When you talk about criminal identity theft this is a serious matter than cannot be mistaken to be anything but a crime. Every person out there is vulnerable to such activity – especially if you are active on the Internet.

The best defense against criminal identity theft is presence of mind and alertness. Be always alert about any changes in your account, billing, Internet passwords, etc. Stay alert, stay safe.

Why should your credit report after bankruptcy be important anymore? You might not think you have anything to worry about regarding debts and payments once you have filed for bankruptcy and the deed is done. After all, you will wear the “mark of the beast” for the next 10 years – so what the heck, what is there to see any more?

But this is a wrong-headed approach. There’s plenty to see and check on your credit report after bankruptcy is filed. For one, you need to know that the date is entered correctly. A lot can change in legalities regarding your property and debts based on that date.

Second, you should check that ALL your debtors have been included on your credit report after bankruptcy. It should not happen that you get one or two old creditors beating at your door even after bankruptcy has been filed, just because they were not included.

Here are a few steps that will keep you safe and protected from harm:

* Verify closely all your bills (credit cards, debit cards, utility bills, etc)
* Scan your bills and keep them on your hard disk with a strong password; in this way, even if your computer is hacked, nobody will get to your financial data
* Instruct your bank to inform you if there is any unusual trend in transactions
* Keep a close watch on identity theft news, so you’ll know how what are the latest developments in the field.

Most people if asked will reply that they know the real implications of bankruptcy. One direct outcome will be that obtaining loans will become very difficult. Another will be that the interest charged for any loans will be ridiculously high. A third aspect will be that obtaining a credit card will not be as easy as it was previously.

These are a few very obvious implications of bankruptcy. However, there is more to it; factors and outcomes that do not show immediately. For example, relationships with friends and relatives may suddenly become strained. There will be stress on the employer-employee relationship; there could even be the danger of job loss. You will not be able to start a business until the bankruptcy is removed from your credit report.

Therefore, beware of the hidden implications of bankruptcy. This might not seem a bright idea, once you have a glimpse of what all you will tend to lose.

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Find a person who will be willing to lend his good name (his or her credit score should be high and his credit report impeccable) as a co-signee to your loan.  His assurance to the bank or financial institutions will indicate that he will make good on the loan in case you fail to do so.

Beware that default payment involves far more than repayment in such cases. The credit score and report of your co-signee will reflect such failures, and his score will be degraded. Be very careful about the repayment schedule of such loans, as this will reflect your friend or relative in a bad light and damage his or her credit standing.

Do not wait for a disaster to show you the importance of financial management. Start now and you will be happy you did. Here are five steps to help you avoid problems with money:

1. Credit cards – first of all you need to realize that you can very well live without credit cards. A debit card will be just as good. However, let us say that you must absolutely have one or two – ensure that you do not use more than 25 percent of their credit limit.

Use the credit card only when you are one-hundred-percent sure that you can repay the whole amount when the bill comes due. In this way you are using the credit to your advantage. While your (saved) money will be earning high returns, you are using the credit card money for free – as long as you pay it in full when the bill arrives. This gives you usually 45 days of credit.

2. Always look out for less interest – bargain hard when you take out a loan. Strive to get the lowest interest rate possible. This applies to credit cards as well!

Even though you should always pay your credit bills in full when presented, you should still look for the lowest interest rates and annual fees.  Transfer all the high interest loans to lower interest loans wherever possible. You will save a small fortune by doing so.

3. Save – an effortless way to get the lowest interest rates is to build up your savings. It is very important that you have money not only for emergencies that can strike anytime, but also to show you as a good investment to your prospective creditors. A large amount in savings shows that you are managing your finances well, besides the fact that you have a fall-back amount in case things take a turn for the worse and problems with money begin to mount.

4. Invest – use a good portion if not all of your savings for low-risk, long-term investments. It’s easy to have your money multiply if you know how to invest and where. Don’t worry; you need not study to become a whiz kid in financial matters. You can always trust your fortune with mutual funds and/or professionals who do this type of work for a small fee. Use only those who are highly reputed in the market.

5. Buy real estate – there is no better way to invest your money than buying real estate. Recession is a great time to buy since the prices will touch bottom, which will give you great profits when the market eventually rights itself. No matter what you buy in real estate, it’s bound to give you 3-5 times returns on your capital within a short time of five to ten years.

Adopt these five simple principles and you will always be free of problems with money.

Find a person who will be willing to lend his good name (his or her credit score should be high and his credit report impeccable) as a co-signee to your loan.  His assurance to the bank or financial institutions will indicate that he will make good on the loan in case you fail to do so.

Beware that default payment involves far more than repayment in such cases. The credit score and report of your co-signee will reflect such failures, and his score will be degraded. Be very careful about the repayment schedule of such loans, as this will reflect your friend or relative in a bad light and damage his or her credit standing.

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One of the most important benefit is that it takes the financial pressure off your shoulders. When you make the decision, the relief is almost palpable. Bankruptcy also teaches you a very valuable – not to mention expensive – lesson about finances. It tells you that you are responsible for the consequences of your actions. Nothing can drive this point home better than your bankruptcy status. Many people turn a over new leaf after such an episode, and start valuing the importance of proper financial management.

Lastly, one of the best advantages of bankruptcy is that you can start from the beginning; with a clean slate!