Bankruptcy Myths

Chicago Bankruptcy Lawyer

Many individuals believe that your credit will be destroyed permanently if you file for bankruptcy. With the current financial scene in the country and the large number of individuals (probably many of them your neighbors or on your block) filing bankruptcy, the rules have greatly changed. In fact, if you are considering bankruptcy, your credit has probably already suffered, or will be damaged shortly. After a Chapter 7 bankruptcy, your debts will be "discharged". You will no longer owe most types of bills, including credit cards, medical bills, unpaid rent and utility bills and others. Most people discover that their credit improves within months after filing bankruptcy, and certain types of credit offers will begin arriving in the mail. With the assistance of a skilled Chicago bankruptcy attorney from the Law Office of Marc Wagman, your new credit situation can be improved through a number of actions. As you restore your credit, surprisingly, you will likely be in better shape than you expect.

Bankruptcy Attorney in Chicago

It is important after a bankruptcy that you check your credit report and ensure that the debts are shown to be gone, as many credit reporting agencies fail to update accounts after bankruptcy. Once it is all correct, it is likely you will get offers (usually with very high interest rates) for secured credit cards. You can use such offers to rebuild your credit. If you can work out a deal with a car company, buying a car and making all payments on time will also assist in the effort to get back into good standing with your credit.

You will find that you have a lot more available funds now that you no longer owe the massive monthly payments you earlier faced, and your life will become calmer, and you will be able to save and build your credit. You may discover that a bankruptcy filing was the best move you have made in a long time. The federal government has passed these laws in order to give individuals a fresh start, and there is no longer anything to be ashamed about in a bankruptcy. It is considered to be a good decision under the right circumstances. A Chicago bankruptcy lawyer from the Law Office of Marc Wagman can assist you and guide you through the bankruptcy process.

Contact a Chicago Bankruptcy Attorney from the Law Office of Marc Wagman today.