Advantages, Disadvantages and Myths About Bankruptcy

The decision to file for relief from one's debt under our Federal Bankruptcy protection laws may prove to be the single most advantageous financial decision you will ever make in your life.

Yes, there are many powerful and life changing advantages to seeking Bankruptcy protection. Those advantages however do come with some negative consequences. Ultimately, you will need to understand and weigh the balance of those advantages against the disadvantages when making your final decision.

Advantages

Disadvantages

A bankruptcy stays on your credit report for up to 10 years
Mortgage lenders in the future may require a larger down-payment
Auto lenders may charge a higher interest rate
Chapter 7 bankruptcies are considered "newsworthy" by the media so your name may be published in the newspaper

Myths

Ten Steps of Obtaining Bankruptcy Protection

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Derrick B. Hager PC
106 W. Wilson Street, Suite 3-L
Batavia, IL 60510
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Based in Batavia, attorney Derrick B. Hager represents clients in Illinois communities such as Aurora, Geneva, St Charles, North Aurora, Elgin, Naperville, Yorkville, Elburn, West Chicago, Wheaton, South Elgin, Montgomery, Glen Ellyn, Winfield, Joliet, Maple Park, Oswego, Carpentersville, Dundee, Carol Stream, Villa Park, Warrenville, Kane County, DuPage County, Kendall County, Will County and throughout Fox Valley.