Misconceptions and Myths about Filing for Bankruptcy

The Truth about Bankruptcy

Unfortunately, there are many misconceptions and wrongful notions that people have about filing for bankruptcy. Coupled with the fear generated by these myths, the social stigma associated with bankruptcy cause many people to overlook bankruptcy as a viable and effective debt relief option.

If you are struggling to control your debt and find yourself continually falling further and further behind on your bills, mortgage, or unable to meet your family’s most basic financial needs, Illinois Bankruptcy Lawyer Daniel S. Khwaja can help. Mr. Khwaja can arm you with the information and facts to dispel the many myths and misconceptions about foreclosure that might be holding you back from considering all your options for debt relief.

Widely-Held Myths Include:

• Filing for bankruptcy automatically means you will lose everything that you own.
  
  The Facts - While it is true that certain assets might be liquidated to help pay off creditors, there are many bankruptcy exemptions that will protect certain important items you own.
  
  
  
• You are limited to filing for bankruptcy once in a lifetime.
  
  The Facts - This is entirely untrue. There are certain waiting periods that must be observed, after which you are allowed to file for another bankruptcy.

Are You in Need of an Illinois Bankruptcy Lawyer?

Bankruptcy is an extremely important decision that deserves to be considered and contemplated from every angle. If your financial situation has caused you to consider filing for bankruptcy, you should not hesitate to contact Illinois Bankruptcy Lawyer Daniel S. Khwaja today to get your questions answered. Attorney Khwaja can help you get your financial life back with a bankruptcy resolution.