Identifying Bankruptcy Myths

Not sure what is myth and what is fact when it comes to filing bankruptcy? Consider these popular misconceptions:

The new bankruptcy laws do not make it more difficult to file. Most people who could have qualified under the old laws for Chapter 7 bankruptcy will still be eligible under the new laws as well.

Senior citizens are not at a higher risk of losing their home if they file for bankruptcy. Just like everyone else they have the opportunity to keep their homes if they qualify to do so.

You will not have to wait ten years to get a bank loan or credit card after filing for bankruptcy. It is possible to start working on your credit soon after filing and quickly work your way back towards a credit card by using smart financial moves.

Students loans can be taken care of through a debt reorganization plan as filed under Chapter 13 bankruptcy.

Bankruptcy is not solely the avenue of fiscally irresponsible people. There are many reasons why people are forced into this situation but it doesn't mean that you will be stigmatized for choosing it. These laws have been established to help people like you get back on their feet with a fresh start.

Are you considering Chapter 7 or Chapter 13 bankruptcy?  If so, contact our legal team to get advice from a Chicago bankruptcy attorney.