Get The Facts About Bankruptcy
If you have been thinking about filing for Bankruptcy, you may have asked friends or family for advice or looked online for information. Unfortunately, there is a significant amount of misinformation out there, especially on the internet. At The Law Office of Timothy Brown, we are dedicated to providing factual information about bankruptcy so you can make informed decisions. Our Crystal Lake bankruptcy attorney can answer all of your questions and ensure you understand your options. Contact our offices or give us a call at 815-788-9511 to obtain a free evaluation.
A few of the most common myths about bankruptcy include:
Myth: It will ruin your credit indefinitely.
Truth: You can start rebuilding your credit as soon as the case is concluded. Many individuals see their credit score increase by 40 points or more within six to nine months from the conclusion of their case.
Myth: You will lose your assets.
Truth: The Bankruptcy law allows you to keep your assets in a Chapter 7 if the value of the assets do not exceed the applicable exemption allowances. Chapter 13 will protect assets that would not otherwise be protected in a Chapter 7 case.
Myth: You will lose your retirement savings.
Truth: Qualified retirement accounts, such as 401k's, pensions, and most IRAs are protected in bankruptcy.
Myth: You will lose your tax refund
Truth: In many cases, the applicable exemption allowances allow debtors to keep their tax refund.
Myth: Married individuals cannot file an individual bankruptcy.
Truth: Married persons file individual bankruptcies all the time. Your spouse is not required to file with you.
Myth: People who file for bankruptcy are financially irresponsible.
Truth: Research shows that the overwhelming majority of bankruptcy filers have experienced financial hardship caused by job loss, loss of income, serious illness, or divorce.
Myth: You must have a minimum amount of debt to to file for bankruptcy.
Truth: You can file for Bankruptcy even if you have a small amount of debt.
Myth: You can't file for Chapter 7 Bankruptcy a second time.
Truth: You can file for Chapter 7 Bankruptcy again if it has been 8 years since the prior filing.
Seek Protection Through Bankruptcy
Filing for bankruptcy can help you experience a sense of relief only possible through bankruptcy. It can also give you incredible protection from creditor harassment and abuse. If you are concerned about the aftermath of filing or have concerns about the process, we would be happy to discuss these concerns with you. We want to ensure that you have the opportunity to experience all of the benefits that filing for bankruptcy can provide, without the worry.
All Bankruptcy consultations with our Crystal Lake Bankruptcy lawyer are free.