Misconceptions about Personal Bankruptcy

Many misconceptions persist concerning bankruptcy, its process, consequences, and reflection of character. Many people do everything they can to avoid becoming another bankruptcy statistic, feeling that it is a black mark on their character and only something an irresponsible person would do. This attitude may prevail despite the fact that bankruptcy protection through the courts may be their best option after events beyond their control have put them into a financial hole. Many people are forced to file for bankruptcy after losing their jobs, investment failures, undergoing a costly divorce involving child support or alimony and marital property divisions, or going through a costly illness or injury. In all of these types of situations, financial irresponsibility is not the cause of a need for bankruptcy.

Other common misconceptions are that you will lose everything when filing for bankruptcy, that you will never be extended credit again, that your employer and others will learn about your bankruptcy. All of these are generally untrue. In most liquidation type bankruptcies, you will retain certain exempt property as outlined by state or federal bankruptcy laws. A bankruptcy attorney can review your situation and advise you on how a filing will impact your property, such as your home, vehicle, personal belongings, pensions, and other financial accounts. After your bankruptcy case has been completed, your credit score will take a hard hit but it can be rebuilt within a few years with responsible money management. As far as others finding out about your bankruptcy, your employer does not need to be informed and it is highly unlikely that anyone will do the necessary research of public records to identify you as a bankruptcy filer.

Bankruptcy Representation in Chicago

If you are struggling with overwhelming debt in or around the Chicago area, you should seriously consider getting the information you need about bankruptcy and debt relief from a reliable attorney. Joseph P. Doyle, Bankruptcy Attorney is a law firm devoted to providing legal assistance and representation to clients in the area. The legal team at the firm has helped countless clients with Chapter 7 and Chapter 13 personal bankruptcies and with other forms of debt relief action. Waiting around for your situation to improve while you sink deeper into debt is not viable and clearly not recommended. Legal help is available as are valid legal solutions to restoring you to financial control.

Learn what your legal options may be in resolving your debt problem. Contact the firm for a bankruptcy evaluation and to learn more about how an experienced and dedicated attorney can help you.