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Frequently Asked Questions Regarding Personal Bankruptcy

When you are behind on your finances, it can be extremely stressful. The Law Office of Scott W. Brammer is here to help you find the light at the end of the tunnel. I have worked with clients throughout Illinois for over 28 years. I can discuss your options and determine what will work best for you. Below is a list of frequently asked questions for your convenience.

After reading through the answers, call my office in McHenry to schedule a consultation at 815-324-7467 today. You can also email me.

What’s the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as liquidation. In short, you relinquish all of your assets and it eliminates all of your debt. Chapter 13 allows you to keep your belongings and create a plan to repay your debt over time.

Is one better than the other?

There are pros and cons to each. Chapter 7 can have a negative effect on your credit score, which can result in difficulty finding a home or making a big purchase. However, it relieves you from the mountain of debt you’re facing. Chapter 13 means you will take the next couple of years to pay off your debt, but you can keep things that are most important to you. I can help you decide which is best for your specific situation.

Are there any common bankruptcy myths out there?

Yes. While bankruptcy does negatively affect your credit score, it won’t completely ruin you. It just takes time to increase your spending limit. It also isn’t true that you will lose absolutely everything in order to file. Your home may be exempt, depending on your claim. Another one is that a married couple will both have to file. One person can file on their own if need be.

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