Oak Park Real Estate & Estate Planning Blog

Filing for consumer bankruptcy is a complex process, and there are many intricate requirements that can make it difficult to determine your eligibility for Chapter 7 bankruptcy, for example, or whether a certain type of debt will actually be dischargeable in your bankruptcy case. No matter what, it is important to remember that many personal bankruptcy myths exist that can cloud your thinking when it comes to filing for consumer bankruptcy. We want to dispel more of those myths by returning to information provided by the American Bankruptcy Institute (ABI), U.S. News & World Report , and NerdWallet . After you have learned more about bankruptcy myths, it is time to seek advice from an experienced Oak Park bankruptcy lawyer. Myth: You Will Lose All of Your Belongings Bankruptcy exemptions in Illinois allow you to exempt a wide variety of assets if you are filing for a Chapter 7 liquidation bankruptcy. You can exempt a certain amount of equity in your home, equity in your moto...

Anyone who is considering personal bankruptcy has likely done some internet searches for information about personal bankruptcies under Chapter 7 and Chapter 13. While there is certainly helpful information available about consumer bankruptcy , from eligibility for certain types of bankruptcy to types of dischargeable debt, there are also a lot of misconceptions out there. There are many myths out there about bankruptcy, and you need to be able to discern what is factual and what is not. We want to dispel some common consumer bankruptcy myths for you and to provide you with the information you need as you are considering your options for managing debt. We have gathered information for you from the American Bankruptcy Institute (ABI), U.S. News & World Report , and NerdWallet to help you learn more about what is true and what is false in terms of personal bankruptcy. Myth: Your Credit Will be Ruined Forever Many people who are thinking about Chapter 7 or Chapter 13 bankruptcy...