Bankruptcy Attorney in Kildeer
Bankruptcy law was created to help consumers deal with debt they are unable to pay. Despite the fact that this viable, legal process exists, many people who desperately need debt relief don’t seek bankruptcy because they simply don’t know the facts about how it can help them. If you are struggling with debt, don’t make a decision about bankruptcy until you know the facts. Talking to an experienced bankruptcy attorney in Kildeer from Cutler & Associates, Ltd will give you the knowledge you need to make an informed choice about your financial situation. They can explain facts about bankruptcy like the following.
Fact: You Can Keep Many of Your Assets During Bankruptcy
Filing for bankruptcy doesn’t mean that all of your assets are at the mercy of the court. With the help of a bankruptcy attorney, most people can file for bankruptcy and keep the assets that matter to them, such as:
- Their homes
- Their cars
- Their retirement accounts
During bankruptcy, some people choose to get rid of some of these assets, because they are one of the causes of their financial situations. If you choose to keep them, however, it is just not true that the courts will seize them.
Fact: You Cannot Be Fired for Filing for Bankruptcy
In some circumstances, you may need to inform your employer about your bankruptcy. This is the case if any of the accounts that are included to your filing are tied to your company in any way, such as via a corporate credit card on which you are co-signer. You may also need to tell your employer if you file Chapter 13 bankruptcy and your payments come directly from your paycheck. You are not legally required to tell your employer that you have filed for bankruptcy if none of your accounts are tied to the company. If your employer knows that you filed, rest assured that it is illegal for you to be fired over your bankruptcy case.
Fact: You Will Get Credit Again in the Future
Bankruptcy is the start of credit rebuilding. You will be able to receive credit soon after filing, and your credit score will steadily increase over time. Commit to managing your credit going forward, and you will be able to get car loans, mortgages, credit cards, and other forms of credit.