If you're considering filing personal bankruptcy, you're up against a LOT of myths and misinformation. Misunderstanding the bankruptcy process and what it can do for you can cost you, big-time! You need to know what you're eligible for, how long the process takes, pros and cons, what debts you can discharge, how your credit will be affected and MUCH more. Getting help from a bankruptcy attorney is ultimately what you need, but for now, you need to study up! Here are a few articles which may help:
4 Powerful Articles on Filing Personal Bankruptcy
Most people who are deep in debt and considering bankruptcy know very little about the process. As we've mentioned here there is a TON of information out there about bankruptcy, but much of it is incorrect and misleading. Persistent myths swirl around the process that are either half-truths or completely false. This post in Forbes works to debunk 5 common myths attached to personal bankruptcy.
Student loan debt has been a constant source of misery for people struggling enough from debt to have to file for bankruptcy. This is because student loans are notoriously difficult to discharge in bankruptcy, unlike other forms of debt. Here's the main issue:
“Chapter 13 of the code generally restricts these borrowers from making full payments on student loans during the three-to-five-year bankruptcy period. That allows lenders to add interest, late fees and other penalties to the student-loan balances during that time.”
Check out the article for more on the issue.
This is certainly good news for past (and future) bankruptcy filers. The accuracy of credit reporting about bankruptcy debts can significantly affect your credit score and your ability to bounce back. This is because if old debts are still incorrectly shown as due and payable, your credit score would be worse than it should be. The NY Times article explains the issue:
“When you file for personal bankruptcy protection and have debts discharged by the court, your credit report is supposed to be updated to reflect that you no longer have to pay those bills. In the past, the big three credit reporting bureaus were not always so good about doing that.”
This article provides the answer to this question: “I am in the foreclosure process to the point that a sale date has been set. We then filed Chapter 7 bankruptcy and it canceled the sale. My question is: Does the bank have to start the process all over or can they just set a new sale date without the mandatory 30 days and 90 days of waiting period to resell the house?”
Click on the link above for the answer!
Should you file for bankruptcy? This is a loaded question, and it can take some time to determine. However, before you speak with a bankruptcy attorney, you'll want to do a bit of research yourself. One of the first things you should know is how bankruptcy can help you and how it might hurt you. This article looks at some of the pros and cons of bankruptcy so that you can get a better idea about whether it is worth pursing.
Filing Personal Bankruptcy in Chicago? Get a Free Consultation
At Suburban Legal Group PC, We Help Individuals and Families in Illinois Improve Their Quality of Life by Helping Them Get a Fresh Start! We offer a Free Bankruptcy Consultation (in our office or over the phone) to help you determine if you have a viable case or not. There is NO obligation with your free consultation and we do this without you having to commit to any fees and without spending any money.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Suburban Legal Group PC shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.