Chicago, Illinois (PRWEB) January 27, 2014
In his effort to educate the public on a variety of financial legal matters, including bankruptcy, foreclosure, and debt management strategies, Chicago financial rescue expert and bankruptcy lawyer Richard G. Fonfrias, J.D., managing partner of the Fonfrias Law Group, LLC, has added another educational article to his website (http://www.chicagomoneylawyer.com). The newest article, titled "11 Tragic Misconceptions about Bankruptcy," addresses some of the most often misunderstood areas of bankruptcy law. It is just the latest of dozens of informative articles that are regularly added to the website to help people dealing with serious financial problems in Illinois.
The new Fonfrias Law article examines and clarifies bankruptcy issues like whether or not a person will lose all of their property in bankruptcy, will they be able to own anything after bankruptcy, will they ever be able to establish credit again, and does a person need to be broke to file for bankruptcy. Other bankruptcy fallacies examined include the mistaken notion that bankruptcy will eliminate all debts, and that property can be protected by hiding it or giving it away before filing.
Another common bankruptcy misconception the article examines is the idea that once a person has filed for bankruptcy they cannot file again. Fonfrias advises that debts can be discharged in a new bankruptcy. However, if the earlier bankruptcy was a Chapter 7, then there will be a four-year waiting period if the person files a Chapter 13. And, there is an eight-year waiting period before a second Chapter 7 can be filed in order to get another discharge of debts.
As well as clarifying the eleven most commonly held misconceptions about bankruptcy, the new article also provides a surprisingly long list of famous people who have declared bankruptcy at least once to show that bankruptcy is nothing to be ashamed of and that it can happen to anyone.
Along with the many informative articles and educational guides made available on his website that provides helpful information on a broad range of legal topics, including bankruptcy, credit repair, foreclosure, debt consolidation, and taxes, Richard Fonfrias also hosts radio shows and free informational seminars. “I believe that it is important for people to know the facts. In my Chicago law practice, I have helped countless clients who, prior to coming to me, had received bad advice or misinformation. I strongly feel that people need to have access to good information and the best professional advice so that they can make informed decisions to protect their finances and stay out of trouble,” says Fonfrias.
Richard G. Fonfrias, J.D.
Fonfrias Law Group, LLC
First National Plaza
70 West Madison, Suite 1400
Chicago IL 60602
About Fonfrias Law Group: The Fonfrias Law Group is Chicago’s experienced financial rescue and bankruptcy legal team, offering financial legal services including, bankruptcy, tax defense, debt consolidation, foreclosure defense, bad credit repair, debt management, loan and mortgage refinancing advice. Ready to assist homeowners in serious financial trouble and consumers faced with unmanageable debt, Richard Fonfrias of Fonfrias Law Group invites your questions about Illinois bankruptcy, foreclosure, credit card debt, loans, tax liens or other financial concerns. For more information call 312-969-0730 or inquire online at http://www.chicagomoneylawyer.com.