Rumors Often Prevent People from Benefitting from Bankruptcy

by | Oct 3, 2012 | Lawyer


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People often resist filing for bankruptcy in Illinois even when it will benefit them due to pervasive untruths that tend to make the rounds, repeated by people who do not know any better. Before you decide not to file for bankruptcy due to lack of knowledge, it is a good idea to educate yourself and make sure that filing for bankruptcy in Naperville will not be beneficial to you and your family.


One of the primary fears that people have is that they will lose possessions that they need if they file, such as their car, their house or valuable personal belongings. The fact is that in most instances, those who file for bankruptcy can keep their cars, homes and personal items. Corollary to that, people also often think that they will lose their credit and not be able to rebuild for ten years; however, it usually only takes about six months to be able to begin rebuilding your credit. While some of the prevailing myths also claim you cannot have a bank account during this period that is also untrue. Those who have filed for bankruptcy can open bank accounts.

Another factor that prevents people from pursuing bankruptcy in Naperville is the unpleasant idea of appearing in court. In most instances of bankruptcy, however, there is no formal court proceeding – just a five to ten minute meeting, an appointment that goes over your case efficiently and presents it to the trustee.

You may have also heard that it is more responsible and financially better to consolidate your debt. In fact, it is more expensive and takes longer to do so. Filing for bankruptcy in Naperville is a much faster and more efficient, effective process than credit consolidation.


Not long ago, legislation was passed that caused many people to believe that it is much harder to file for bankruptcy today than it was in the past. This is also untrue. It is only harder if you consider filling out a few more forms to be an extreme difficulty, but most people who have no capacity to pay their debts can still benefit from filing for bankruptcy. More than one million people filed last year alone.

If you are interested in filing for bankruptcy and getting a fresh financial start, your first step should be to consult with a bankruptcy expert who can help you to understand and navigate the process from beginning to end. In most eligible cases, filing for bankruptcy is one of the best decisions you can make for the health of your financial future.



Bankruptcy Naperville – At Chicago Debt Solutions, we provide bankruptcy services in Naperville for those who are overwhelmed by debt. Our dedicated attorneys provide individualized and compassionate representation when you need it most. Do not let shame prevent you from taking a vital step in saving your most valuable assets. We help. We do not judge. Visit us online at website.