There is a lot of financial misinformation out there.

In my weekly online newsletter at www.washingtonpost.com I've been debunking "Money Myths" sent in by readers. Here are some of the financial issues that confuse people:

Money Myth: You can't get credit after you file for bankruptcy.

Financial Fact: Not only can you get credit, you might actually get more credit offers after declaring you can't pay your debts.

So why are lenders willing to give folks a credit card when they know they have filed for bankruptcy?

Once you file for bankruptcy, you can't do it again for many years. In the past it was six years. However, under the recently passed bankruptcy law, debtors who file for Chapter 7 bankruptcy court protection will not be able to get any future debts dismissed for eight years.

Money Myth: Co-signing is not a big deal. If I co-sign, I'm just a backup.

Financial Fact: If you believe this, you shouldn't be allowed near a loan document. When you co-sign for a loan , you are agreeing to pay that debt in full if the primary borrower defaults or misses even one payment.

Money Myth: You can't take a tax deduction for home equity loan interest if the money is not used for home improvement.

Financial Fact: A lot of people pull equity out of their home to pay off debt or to buy a car. The theory is that since home equity rates are so low, you can use the money for whatever you want and a tax deduction.

I always caution people about putting their home in jeopardy to pay off credit card debt, or even to buy a car.

But the fact is that as long as the loan is secured by the residence and you are not over the home equity limit, you can deduct that interest no matter what the proceeds were used for, according to a spokesman for the Internal Revenue Service.

Money Myth: Student loans are dischargeable through bankruptcy.

Financial Fact: Student loan debt for the most part is not dischargeable in bankruptcy. There is a provision that allows such debt to be wiped out, but only in hardship cases.

But a hardship discharge is a near-impossible standard to meet. You have to prove that you can't maintain a minimum standard of living for yourself or any dependent if forced to pay the debt and that you can't pay the debt at the time of your bankruptcy filing or in the future.