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!