Many individuals procrastinate dealing with insurmountable debt because they don't fully understand what bankruptcy accomplishes and have misperceptions about the impact bankruptcy has on an individual's or a couple's life afterward. The myths that circulate about bankruptcy are far more intimidating than bankruptcy itself.
At Hubeny & Zaba, LLC, in Westmont, we take the time explain every aspect of bankruptcy to our clients so they understand all of their options and avoid unpleasant surprises. You may have some of the same misperceptions about filing bankruptcy. We clarify a number of them here and can answer other questions during a free consultation.
This is untrue. Illinois has a list of exemptions that allows you to maintain your property. For example, your home, car, clothing, furniture and retirement accounts, among many other items, are protected and exempt from creditors when filing for bankruptcy. Contact one of our bankruptcy attorneys to learn more about these exemptions.
When an individual files for bankruptcy, he/she does not need to notify their employer. Although bankruptcies are public records, it is unlikely anyone will find out about your case. Furthermore, there are specific laws preventing an employer from terminating your employment because you filed bankruptcy.
Again, this is untrue. While filing for bankruptcy does affect your credit, you can begin rebuilding it immediately in order to be able to obtain credit in the future. Actually, it typically takes a shorter time to build your credit back up after filing for bankruptcy than if you continued to fall further behind on your bills on a monthly basis. It usually takes at least 3 years before you could purchase a home, and an even shorter time before you could purchase a car or obtain a credit card.
While the legislative change in 2005 did amend the rules on who qualifies for a Chapter 7 bankruptcy, over 92% of the people who would have qualified for Chapter 7 bankruptcy prior to 2005, still qualify today. If you do not qualify, Chapter 13 bankruptcy still provides significant debt relief for individuals. Contact one of our bankruptcy attorneys today to see if you qualify.
While in rare circumstances this may be the case, debt consolidation will hurt your credit and over 90% of those programs fail for individuals. Why attempt to pay back your debt when you can have it legally eliminated and obtain that fresh start you truly desire?
Although it may be beneficial to do so in certain instances, this is usually not required. If you are married, you and your spouse can file jointly or you can file separately.
Call 630-455-0500 or use our online contact form to schedule a free initial consultation with a qualified bankruptcy attorney. We will answer all your questions and explain the bankruptcy process in more detail. Our experienced and knowledgeable bankruptcy lawyers will show you how you can become debt-free and get a fresh start.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.