Bankruptcy Myths

Do not let misconceptions about bankruptcy keep you from getting the help you need. At Ledford, Wu & Borges, LLC, we know that your financial concerns should be addressed quickly, and we have the thorough understanding of bankruptcy required to do it. Our Chicago lawyers will give you immediate answers to your debt elimination questions.

Common Myths Surrounding Bankruptcy

Our attorneys are familiar with all bankruptcy myths and will put them to rest for you.

  • The court will take all of my property: No. Certain property is exempt and cannot be taken from you.
  • My credit will never be rebuilt: False. With the correct steps, you can turn your credit around in approximately two to three years.
  • All bankruptcy lawyers are the same: Not so. In all of Illinois, only seven attorneys are certified in Consumer Bankruptcy by the American Board of Certification.* Two are partners at Ledford, Wu & Borges, LLC.
  • Bankruptcy is on my record forever: False. Bankruptcy can only remain on your record for 10 years.
  • I filed for bankruptcy so I cannot file again: Not necessarily. Chapter 7 has an eight-year time limit before a person can re-file. Chapter 13 can take three to five years to resolve and can be re-filed as often as necessary as long as it is not prohibited by the court.
  • Debt consolidation and debt settlement companies have high success rates: Absolutely false. Many consolidation companies make promises that they have no legal authority to enforce. Their programs provide no protection to debtors, whatsoever. Sometimes going through these businesses can do more damage to your credit than simply filing for bankruptcy. In testimony presented to the U.S. Senate by the United States Government Accountability Office (GAO) in April of 2010, it reported widespread fraudulent, abusive and deceptive practices among debt settlement companies.

Consult a Knowledgeable Bankruptcy Lawyer

Do not rely on misconceptions, bankruptcy myths or advice from unqualified individuals to help you determine whether to file for bankruptcy. Call 312-574-3327 or contact a knowledgeable debt relief attorney by e-mail for a free consultation.

Ledford, Wu & Borges, LLC has offices in Downtown Chicago, the South Side of Chicago, Homewood, North Riverside/Berwyn, the Northwest Side and the Southeast Side.

*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law, and the certificate, award or recognition is not a requirement to practice law in Illinois.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.