Chicago Bankruptcy Lawyer

Recent Posts in Bankruptcy Misconceptions Category

  • Four Important Steps to Take After Bankruptcy

    Thanks to portrayals in movies, television shows, and news reports, bankruptcy in our society has become overshadowed by a black cloud of negativity. People assume that you can never buy a home or car again, and that your credit is shot for the rest of your life. While bankruptcy is a serious situation, thankfully these myths remain simply untrue . Financial woes can sneak up on the best of us ...
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  • Five Things to Avoid When Preparing for Bankruptcy

    Although most people assume that the bankruptcy process begins when they file their petition with the court, it is important to understand that preparation is crucial to the success of your case. For this reason, our Chicago bankruptcy attorney encourages you to plan ahead as early as 180 days before filing. Not only will this help the process to move along as smoothly as possible, but it is an ...
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  • Surrendering Property in Bankruptcy

    A common misconception about bankruptcy, especially Chapter 7 bankruptcy, is that you lose all of your property upon filing. This isn't true; we've discussed in this space how bankruptcy exemptions and a lack of equity in property can protect your property and allow you to keep most, if not all, of it throughout your bankruptcy. On the flip side of that, though, Chapter 7 can be a convenient ...
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  • Common Bankruptcy Misconceptions

    Perhaps the biggest misconception about filing bankruptcy is that you will lose all of your property. We've discussed that previously here, with it being important to note that you will not lose all of your property if you file. Beyond that, however, there are still misconceptions regarding filing bankruptcy - some would even say stigmas - that can be easily addressed. The first of these is that ...
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  • Secured Property and Bankruptcy

    A common misconception, one routinely brought up by clients when interviewing with their bankruptcy attorney for the first time, is that they think they're going to lose all of their property. Whatever the reason the myth originated, it is simply not true in the majority of cases. Most of the time, a debtor will be able to keep their secured property when filing Chapter 7 bankruptcy. Secured ...
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  • If I File Bankruptcy Will I Lose All of My Property?

    Perhaps the biggest misconception regarding filing bankruptcy is the notion that upon filing, you will lose all of your property. This couldn't be further from the truth, as in most Chapter 7 bankruptcies you will get to keep all of your property. When you file a bankruptcy, a bankruptcy estate is created. All of your property is technically included in this estate. In a Chapter 7 bankruptcy, it ...
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