Bankruptcy Myths
Debunked by a Bankruptcy Attorney in Kane County
There are a lot of misconceptions about bankruptcy and unfortunately, it turns a lot of people away from filing; however, there are numerous benefits to bankruptcy, and it may be the right option for you and your family. At Hipple Law P.C., we stand ready to help our clients overcome their bankruptcy fears and dispel any myths regarding filing.
We encourage you to read through some of the most common bankruptcy myths and learn the truth behind them. Of course, if you still have questions, do not hesitate to contact Hipple Law, P.C.
Myth: I will lose my house and / or car if I file for bankruptcy.
Fact: This is not necessarily true. In fact, most primary residences and vehicles
can remain in your possession. To determine if you are eligible to protect
your property in the event of filing for bankruptcy, contact our firm
right away.
Myth: Filing for bankruptcy means I am a bad person.
Fact: Each year, thousands of people find themselves facing unforeseen financial
complications. Unexpected illnesses, divorce, job loss and sudden medical
treatments can put you in a tight spot. Businesses, families and individuals
alike file for bankruptcy and it does not mean that you are a bad person!
Myth: If I am married, my spouse and I have to file for bankruptcy together.
Fact: In some situations, filing bankruptcy jointly can protect both you and
your spouse, especially if marital property or debts are in question;
however, just because you are married does not mean that you and your
spouse have to petition jointly for bankruptcy. The attorneys at Hipple
Law, P.C. can provide counsel on whether or not file a joint case.
Myth: Bankruptcy permanently ruins your credit.
Fact: Bankruptcy does not permanently damage your credit. After you file for
bankruptcy, it will be reported on your credit report for a period of
10 years. It is possible that your creditor score could be negatively
affected for a number of months after filing, but you should be able to
begin rebuilding your credit after filing for bankruptcy.
Myth: I cannot file bankruptcy if I have a job.
Fact: There are a lot of people that believe that they must be unemployed to
file for bankruptcy, but this is not the case. In many cases, a person
who is employed can still file for bankruptcy protection.
Myth: It is difficult to file for bankruptcy.
Fact: With the assistance of an attorney, you can petition for bankruptcy and file in a timely and cost-effective manner. The laws and regulations governing bankruptcy can be difficult, but with the help of a lawyer, you could see favorable resolutions to your case.
Myth: Everyone will know that I have filed for bankruptcy.
Fact: Bankruptcy is a matter of public record, but it can be as confidential as you make it. You, your attorney, and your creditors may be the only people that are notified of your bankruptcy filing. To determine your eligibility to file for bankruptcy or what chapter is right for you, contact Hipple Law P.C. today.
Hire a Kane County Lawyer for Dedicated Representation
Are you ready to move forward with your situation and become debt free once and for all? If so, it is important that you contact Hipple Law P.C. right away and speak with a trusted bankruptcy lawyer from our office.
We have the experience necessary to guide you through this challenging time and we will dedicate all necessary time and expenses to ensure that your bankruptcy is completed in a timely manner.
Call Hipple Law P.C. at (847) 787-7179 today to schedule your appointment in one of our Chicago offices near you!
