Crystal Lake (815) 788-9511

Bankruptcy Myths (Woodstock, IL)

Common Myths About Bankruptcy

Myth: Bankruptcy will ruin my credit for an indefinite period of time

Truth: At the conclusion of a bankruptcy case, most debtors are able to quickly rebuild their credit by following some basic recommendations

Myth: I will be forced to surrender my assets if I file for bankruptcy

Truth: In most Chapter 7 cases, the debtor is permitted to keep all assets.  Chapter 13 protects the debtor's assets

Myth: If I am married, my spouse must file with me

Truth: You can file individually, even if you are married

Myth: I have to have a certain amount of debt in order to file for bankruptcy

Truth: You can file for bankruptcy with a small amount of debt

Myth: Loans or credit accounts must be in default in order to file for bankruptcy

Truth: You can file for bankruptcy even if none of your debts are in default

If you would like to talk to a Woodstock, IL Bankruptcy Lawyer near you, contact us online or call us at 815-788-9511 for a free consultation today! 

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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.