Bankruptcy: Myths and Misconceptions

You can’t make a good decision about filing for bankruptcy or pursuing other debt relief options unless you have good information to base that decision on.

At the Law Office of Ronald D. Cummings, we help people in Will County and throughout the surrounding areas of northeast Illinois to navigate the bankruptcy process smoothly and take full advantage of the new opportunity it presents. We do that by taking the time to answer our clients’ questions, by explaining what bankruptcy can and cannot do and by providing people with accurate information about available options.

For an experienced lawyer who can provide those things and effective representation in the bankruptcy process — call us to schedule a free initial consultation.

Get the Answers and Information You Need
to Make an Informed Decision About Bankruptcy

Some of the most commonly held mistaken ideas about bankruptcy include:

  • “I can’t file for bankruptcy because I’m not behind on my payments to creditors.” False. Just because you’ve been managing to make do doesn’t mean you have to continue treading water or that that strategy will continue to work. Bankruptcy is still an option.
  • “Everyone will know.” False. In most cases, the only people who will know will be you, your attorney, your creditors and anyone you choose to tell. In addition, bankruptcy today does not have the same stigma or shame attached to it that it used to. In fact, most people file because of job loss, illness or other factors beyond their control.
  • “I won’t be able to get credit again.” False. In fact, you will be surprised at how many credit card offers (likely at high rates) you’ll start receiving after the bankruptcy discharge. To start rebuilding your credit — it is generally best to start with a secured credit card that you use but manage carefully.
  • “Bankruptcy will cost me everything I own.” False. In the overwhelming majority of cases, debtors are able to keep all of their personal possessions, and in many cases — their cars and homes too.
  • “Taking money from my retirement account is a better solution.” False. This is absolutely the wrong thing to do and yet, many people do it because of the mistaken idea that they aren’t eligible to file because they have money in a retirement account. The truth is that retirement accounts are considered exempt assets.

Free Bankruptcy Consultations ~ (815) 729-9212

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.