Common Bankruptcy Myths

There are numerous common misconceptions about bankruptcy, most often about the negative consequences that it will have upon the debtor. As a Dupage County bankruptcy lawyer with a great deal of experience and knowledge in this field, Joseph Doyle works to help his clients understand the truth about Chapter 7 and Chapter 13 bankruptcy so they can see the true benefits and decide for themselves whether filing is the right option for them.

Below we have listed some of the most common bankruptcy myths we have come across in our practice:

Myth: Everyone will know that I filed for bankruptcy! - The average person will not experience this in any way, shape or form. While it’s true that in some cases information about a celebrity or prominent business filing for bankruptcy may be made public knowledge, this will not happen to the average person. Other people will typically only find out if you tell them, or if they have a vested interest and choose to look up court records on the subject.

Myth: My credit will be ruined forever! – While bankruptcy can have negative consequences on a debtor’s credit report, it is possible to rebuild your credit and even to buy a house within two years of filing.

Myth: Only dishonest “deadbeats” file for bankruptcy. – Bankruptcy can affect anyone. Even the most honest, hard-working people may find themselves in a position where bankruptcy is the only option, due to medical bills, job loss or any of a number of similar situations.

Myth: I will lose my house, my car, and all my property. – Much of your property is granted protection under bankruptcy law, and what assets you can keep will vary depending upon your particular case as well as whether you file a Chapter 7 or Chapter 13 case. In many cases, our clients are able to keep the property they want to.

Dupage County Bankruptcy Attorney

Are you considering bankruptcy? Contact the Law Office of Joseph P. Doyle today to talk to an experienced attorney about your case.