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Bankruptcy Myths

Fears with Filing For Bankruptcy

For many people, filing for bankruptcy seems like a scary and shameful concept. Not completely understanding the entire process or the steps involved, added to people telling you unsuccessful bankruptcy horror stories, can make this legal process intimidating and tricky to comprehend. There are clients that have felt embarrassed about filing for bankruptcy and fear that their peers or employers will find out. As an experienced Chapter 7 and Chapter 13 bankruptcy attorney with offices in Oak Forest, Bolingbrook and Aurora, I can help ease my clients' mind in establishing the best form of bankruptcy for their case.

Bankruptcy Myths: "How will filing affect me?"

Will filing for bankruptcy affect my employment? Will my employer find out?

In most cases where a client files for bankruptcy, their employer does not necessarily know about it. If an employer learns that an employee has filed for bankruptcy, the employer is legally not allowed to take any adverse action against that employee. Most of the time when people file bankruptcy, no one finds out. Technically speaking, it is a public process, but local newspapers simply do not have the resources to research and list the amount of people filing bankruptcy in the Chicago area. There is a chance that a record of your bankruptcy could end up on the web, but typically this information only appears in places where it would take some relatively sophisticated searching to find it.

Will filing bankruptcy ruin my credit?

Another common myth is that filing for bankruptcy ensures permanently negative credit. In reality, filing for bankruptcy can help you rebuild your credit. Once the credit card and medical bills are eliminated, you have a fresh start at building positive credit. The fact is, most people who are considering filing bankruptcy have already done considerable damage to their credit. If you have received 30, 60 or 90 day late notices from utilities, have been sent to a third party collection agency, have gone over the limit on credit cards or are simply unable to make your monthly minimum payments you likely have very little to lose and will only improve your credit by filing either Chapter 7 or Chapter 13 bankruptcy.

Doesn't bankruptcy basically mean that you're a failure financially?

It does not. Abraham Lincoln, Thomas Jefferson, Henry Ford and Walt Disney all filed for bankruptcy protection at some point in their careers. All filing bankruptcy means is that you are admitting that you need help. I have clients tell me that they finally feel successful with their finances after filing bankruptcy because the collection calls stop, and they don't have to scramble to make minimum payments on their credit cards anymore.

Is Filing for Bankruptcy a long and stressful process?

In reality, filing for this form of bankruptcy only takes a couple of months and ends the stressful harassment of creditors and bill collectors immediately. It offers a fast, quick start on both a financial and emotional level. The fact is that many people have filed for bankruptcy protection, including famous celebrities, and there is nothing shameful about having to do so yourself.

Legal Help in Handling Misconceptions about Bankruptcy

With my experience in helping numerous clients file for bankruptcy, I can provide professional details and advice specific to your case as well as ease your mind throughout the process.

As your bankruptcy lawyer, I will listen to your case without judgment and provide you with information to have you make informed decisions about your financial future.

Contact an Oak Forest, Illinois, Attorney Today

If you are seeking legal representation or need information about filing for bankruptcy, contact my office for a free consultation at 708-687-8000 today.