Bankruptcy Myths

Debunked by a Bankruptcy Attorney in West Dundee

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 Springer Brown, LLC, 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 real truth behind them. Of course, if you still have questions, do not hesitate to contact a Kane County bankruptcy lawyer from our firm right away!

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 may 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 you 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.

Myth: Bankruptcy permanently ruins your credit.
Fact: No! Bankruptcy does not permanently damage your credit. Depending on the chapter that you file under, your creditor score will likely be affected for a number of months, but you should be able to begin rebuilding your credit almost immediately 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 in order to file for bankruptcy, but this is not the case. In many cases, a person who is employed can still file for bankrupty protection.

Myth: It is really 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. In order to determine your eligibility to file for bankruptcy or what chapter is right for you, contact Springer Brown, LLC today.

Hire a Kane County Bankruptcy 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 Springer Brown, LLC 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. Complete an online case evaluation form to get started.

We proudly serve clients throughout the Chicagoland area, including Kane County, Cook County, DuPage County, Lake County, McHenry County, Will County, and other surrounding communities. Call Springer Brown, LLC today to schedule your appointment in one of our offices near you!