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Joliet Bankruptcy Myths

Being unable to meet your financial obligations can be an upsetting and confusing situation, but it is important to note that it is common for many people. If you are in this situation, you are not alone. Many people are confronted with this type of issue and unsure of what to do to free themselves from growing debts, bill collector harassment, and constant stress. Filing for bankruptcy is an effective way to rid yourself of these burdens and regain control of your future.

Sadly, myths about bankruptcy may prevent debtors from utilizing this helpful tool. If you are feeling the weight of overwhelming debts, an experienced and understanding bankruptcy attorney can help you decide if bankruptcy is the right option for you.

Below are some common bankruptcy myths:

Myth: Your spouse is always required to file for bankruptcy with you.
Truth: Each bankruptcy case is unique and often, spouses do not have to file joint bankruptcy. Often, one spouse is able to file for bankruptcy without the other also doing so.

Myth: Your current or future employer will find out if you file for bankruptcy.
Truth: No one can run a credit check without your permission, so your employers are not able to find out this type of information without you knowing. In many cases, by filing for bankruptcy you are dealing with your problems before they can affect your work in the form of wage garnishment or bill collector and creditor harassment.

Myth: You will lose your assets if you file for bankruptcy.
Truth: Bankruptcy is a way to protect your assets rather than compromise them. By discussing your situation with a knowledgeable attorney you may be able to better understand how you can protect your home, car, work-related tools, and savings during this difficult time.

Myth: Bankruptcy is a financial death sentence.
Truth: Bankruptcy is not the end of the line, it is a new beginning. By filing a claim you are freeing yourself from the burdens of your current financial obligations and getting a fresh start for the future.

Contact Us

The Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman are prepared to help you better understand your bankruptcy options. Do not be intimidated by bankruptcy myths when the happiness and security of yourself and your family is on the line. Contact us today at 815-722-2201 for more information.