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Debunking Bankruptcy Myths

A number of different bankruptcy myths have become so common, that many people take them as fact and make decisions regarding their finances and bankruptcy based on inaccurate information. Knowing the difference between myth and fact can help debtors make educated financial decisions, which is why the attorneys at the Law Offices of Stuart B. Handelman are dedicated to debunking some of the most commonly held bankruptcy myths.

If you or someone you know is thinking of filing for bankruptcy, you likely have questions. Contact the experienced Chicagoland bankruptcy attorneys of the Law Offices of Stuart B. Handelman today by calling 312-360-0500 and get the answers you need.

Common Myths about Bankruptcy

Four of the most common bankruptcy myths that our attorneys have heard, and the truths behind them, are as follows:

  • MYTH: Bankruptcy denotes financial ruin.
  • TRUTH: The worst thing a debtor can do to ruin their finances is continue to let debt mount. Bankruptcy can make it possible for debtors to escape future debt by organizing their current finances and getting a fresh financial start.
  • MYTH: Your employer will know if you file for bankruptcy.
  • TRUTH: Permission is almost always required for an employer to gain knowledge of an employee’s application for bankruptcy, or for them to run any type of credit check.
  • MYTH: Your spouse has to file for bankruptcy if you do.
  • TRUTH: Every application for bankruptcy is treated on an individual basis, so your spouse may not have to file for bankruptcy just because you do.
  • MYTH: You will lose everything you own if you file for bankruptcy.
  • TRUTH: Actually, some forms of bankruptcy protect your assets while you reorganize your finances.

Contact Us

Knowing the truths behind some of the most common bankruptcy myths may make it easier for you to get control of your finances. If you or someone you know is thinking of filing for bankruptcy, contact the experienced Chicagoland bankruptcy attorneys at the Law Office of Stuart B. Handelman today by calling 312-360-0500.