A Chicago Bankruptcy Lawyer Offers Accurate Insight
As a debtor, it can be difficult to know what to expect when filing for bankruptcy. You have probably heard “helpful” tips and received advice and guidance from various people in your life – from both reputable and unreliable sources. Everyone from your mother to a stranger at a gas station may have an opinion about bankruptcy. A Chicago bankruptcy attorney can offer accurate information regarding bankruptcy, and this includes dispelling common myths about this complex matter.
In addition to reviewing the bankruptcy myths listed below, please feel free to call Trifonova Law, P.C. at (877) 544-3394 for a confidential consultation.
- Myth #1: It is better to try to pay off debt and avoid bankruptcy at all costs. While it is true that filing for bankruptcy is an important choice not to be made lightly, it may actually be the best option for certain debtors. Any negative impact on your credit score may be greatly outweighed by the sufficient, immediate relief you can experience. You can get a fresh start to get your finances back in order.
- Myth #2: Filing for bankruptcy fill ruin your financial future. Chapter 7 bankruptcy will remain on your credit report for 10 years and Chapter 13 will remain on your credit report for 7 years, but this may be a small price to pay to eliminate or reorganize your debt. You can rebuild your credit and face a bright financial future even after a bankruptcy filing.
- Myth #3: Filing for bankruptcy is a sign of personal failure. It is easy to feel ashamed when it comes to bankruptcy, but these laws are in place to offer debtors a second chance. Everyone makes financial mistakes, and when these become overwhelming there is no shame in taking advantage of the protection that bankruptcy can offer.
- Myth #4: You lose all of your property and assets when you file for bankruptcy. You may have heard that you will need to surrender your house, car, and other assets or property when you file for bankruptcy. Under Chapter 13, you keep all of your assets. Under Chapter 7, only certain assets may be affected. A Chicago bankruptcy lawyer can help you understand exactly how bankruptcy may affect your property.
- Myth #5: You will be able to eliminate or relieve all of your debt. Although bankruptcy will provide relief from most types of debt, there are some that cannot be discharged. This includes recent tax debt as well as child support, spousal support, and most student loans.
If you are considering bankruptcy, work with a Chicago bankruptcy attorney who will work closely with you to provide personalized attention through this often challenging process. Call Trifonova Law, P.C. at (877) 544-3394 or contact the firm online.