Bankruptcy Attorney in Bloomingdale
Do you have debt that is holding you back? Do you feel like you will never see the end of your bills, as interest and penalties keep adding up? If so, you could be a candidate for debt relief through bankruptcy. Often, people who could benefit from filing for bankruptcy never even consider it as an option because of myths they have heard about what it means. Don’t let misconceptions govern the important decisions you make about your financial wellbeing. Discover the truth by talking to a bankruptcy attorney in Bloomingdale at Cutler & Associates, Ltd. Our compassionate and experienced attorneys can lay out your options clearly, so that you get the real facts you need to know to make a decision.
Misconception: Filing for Bankruptcy Means I Don’t Know How to Manage Money.
Nothing about bankruptcy could be further from the truth. The vast majority of people who file for bankruptcy do so after facing a life-changing event that was out of their control. Some of the common triggers for the financial challenges that lead people to bankruptcy include:
- Medical bills.
- Job loss.
Everyone is vulnerable to these events, and when they send your finances into a tailspin, it doesn’t mean that you’ve been frivolous or spent your money recklessly. Bankruptcy laws exist precisely to help people recover from these financial blows.
Misconception: I Can’t File for Bankruptcy Because I Will Lose My House
There are protections built into the bankruptcy code that help people keep important assets, including homes, cars, and retirement accounts. With the help of your bankruptcy attorney, you will likely be able to protect most—or all—of your personal assets. Bankruptcy does not punish you for being in debt, so most people keep all of the assets they need to get a fresh start.
Misconception: My Boss Will Fire Me If I File for Bankruptcy
Firing someone for filing bankruptcy is discriminatory and illegal. If none of your debts involve your workplace, then you are not obligated to inform your employer that you have filed. If you have a company credit card that is in both your name and the name of the business, you will have to tell your employer, as that debt will be included in your filing. However, your employer may not retaliate against you.