Crystal Lake (815) 788-9511

Bankruptcy Myths for Debtors near Cary

Bankruptcy Myths

Many people have false impressions about different aspects of bankruptcy.  As a result, some folks miss the opportunity to become debt free.

Contact us by email or call our bankruptcy firm at (815) 788-9511 for a free evaluation!

Here is a list of some common bankruptcy myths:

Myth: If I file for bankruptcy, I will lose my assets, including my car or house.

Truth: Most people who file Chapter 7 bankruptcy are permitted to keep their assets.  A Chapter 7 debtor can keep their assets if the value of the assets don't exceed the amount of the statutory exemption allowances.  In a Chapter 13 bankruptcy, the debtors assets are protected.

Myth: I won't be able to obtain credit after the bankruptcy is over.

Truth: Most debtors that successfully complete their bankruptcy case are able to get credit cards and loans within a reasonable time-frame.

Myth: Married individuals cannot file individual bankruptcies.

Truth: An individual's spouse is not required to file.

Myth: I must have a minimum amount of debt to file for Chapter 7 bankruptcy.

Truth: An individual can file for bankruptcy even with a small amount of debt.

Myth: My employer will be notified of my bankruptcy.

Truth: The bankruptcy law does not require that an employer be notified of an employee's bankruptcy filing.

If you are looking for a bankruptcy lawyer near Cary, contact us or call (815) 788-9511 for a free evaluation.

Contact Us

Law Office of Timothy Brown is committed assisting individuals in need of Debt Relief, Bankruptcy Litigation, Chapter 7, Chapter 13, Creditor Harassment Defense, Debt Collection Defense, and Foreclosure law issues in Illinois.

We will discuss your case with you at your convenience. Contact us today to schedule an appointment.