Schaumburg’s Best Bankruptcy Lawyer Offers Facts, Not Fiction

by | Sep 18, 2014 | Bankruptcy Law

Are you in need of Schaumburg’s Best Bankruptcy Lawyer? Are you in danger of losing your home or having your wages garnished, leaving you with no money to pay current bills? If so, you need to get the bankruptcy process started immediately. The sooner you do so, the sooner you can move past this difficult time in your life and get back on track financially. Don’t let the stigma of bankruptcy hold you back. Many are finding they need to take this step, so there is nothing to be ashamed of. Here are some common myths about bankruptcy and the truth behind them.

If you file for bankruptcy, your credit will be destroyed forever, There is no truth to this. In fact, if you know which steps to take, you’ll find you can rebuild your credit in as little as three years. Can you say the same if you were to try to pay off the overwhelming debt? That could take you five or ten years, if not longer, to do so, and your credit would be affected the entire time.

It would be better for me to make use of debt consolidation or debt settlement, as they have very high success rates. Although there are situations where making use of one of these companies is the best option, there are more times when the debt consolidation or debt settlement company does more harm than good. Often they promise you things they have no control over. For example, they can’t guarantee all creditors will agree to the repayment plan, but will often lead you to believe the creditors will. The GAO actually told Congress that this industry is known for abusive, deceptive, and fraudulent practices. Do you really want to take the risk?

Once you file for bankruptcy, you can’t file again. As Schaumburg’s Best Bankruptcy Lawyer will tell you, there is not truth to this, although there is a waiting period before you can file for a second or subsequent bankruptcy. If you filed for a Chapter 7 bankruptcy, you must wait eight years to do so again. If you filed for a Chapter 13 bankruptcy, the process typically takes three to five years to complete. Once that time frame has passed, you may file again, as long as the court doesn’t prohibit it. Sit down with an attorney to discuss your case, so you have facts, not fiction. For more information visit

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