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Chicago bankruptcy attorney Kevin Chern explains the different bankruptcy myths. Some people have misconceptions about bankruptcy that prevent them from considering it as a viable alternative to suffering. There are several reasons for filing bankruptcy that are beyond the borrower's control. While the new 2005 bankruptcy law added more requirements to both bankruptcy lawyers and consumers, it is not impossible to file bankruptcy. After filing bankruptcy you have no outstanding debt. You cannot file bankruptcy for another 8 years.
Experienced Chicago bankruptcy attorney explains while debunking the common bankruptcy myths. Some people have misconceptions about bankruptcy that prevent them from considering it as a viable alternative to suffering. Don’t let this happen to you!
Too many people under unforeseen conditions find they are helpless in paying off their accumulated debts either in whole or in part. They will start to look for a better way to solve their financial crisis. Filing bankruptcy is one of the options available to the borrower under such circumstances. This will help ease the pressure and suffering of being under heavy debt. This is a plan worth exploring for a borrower but he or she should also have explored other avenues as well. Filing bankruptcy would mean the borrower’s record will show bankruptcy on it for the coming seven to ten years.
Bankruptcy Question #1: Filing Bankruptcy Makes Me A Bad Person
In this video Chicago bankruptcy attorney Kevin Chern explains how the reasons for filing bankruptcy is beyond the borrower’s control. Temporarily lacking the ability to pay bills does not necessarily makes the borrower a bad person. People file for bankruptcy because there are circumstances that are beyond their control. According to him, statistics shows that over 70% of bankruptcy is a result of loss of job, divorce or uninsured medical problems. Bankruptcy laws enable borrowers with severe financial crisis get a fresh start in life.
Bankruptcy Question #2: You Can’t File Bankruptcy After The Law Change
Filing bankruptcy is not impossible under the new 2005 bankruptcy law as experienced bankruptcy attorney Kevin Chern explains. The credit card companies are spending more money to give the public the impression that it is now impossible or difficult to file bankruptcy under the new 2005 bankruptcy law. The percentage of disqualified bankruptcy filing is only 5% or less. While the new 2005 bankruptcy law added more requirements to both bankruptcy lawyers and consumers, it is not impossible to file bankruptcy.
Bankruptcy Question #3: Will Filing Bankruptcy Ruin My Credit Record?
Before filing bankruptcy you look like someone with many outstanding debts and who cannot afford to pay your bills. From the creditor’s view you are someone who can turn around to file bankruptcy any moment. After filing bankruptcy you have no outstanding debt. You cannot file bankruptcy for another 8 years. You have expendable income that you can devote towards paying your new debts. You look like a much better risk to potential creditors or lenders than you do before you file for bankruptcy. According to Attorney Chern, recent studies show that over 90% of debtors coming out of bankruptcy report having received solicitation from a lender showing that they knew the debtor filed for bankruptcy. Credit is your ability to borrow money and that may improve after you file bankruptcy.
