If your debts are spinning out of control, you may be considering the bankruptcy option. Don’t be afraid of the idea of bankruptcy. It can put you on the path to rebuilding your credit, and over time, you may again be able to buy a car or even a home. If you’re in or near Chicago, and your debts are overwhelming you, consult immediately with an experienced Chicago bankruptcy lawyer who can explain the bankruptcy procedure and help you decide if bankruptcy is right for you.
If you file for bankruptcy, you’ll be giving yourself the opportunity to set your finances in order. You’ll be able to stop foreclosure and repossessions, you’ll be protected from creditors, and you’ll discharge most or all of your debt. For bankruptcy to work, you’ll need to adhere to some simple rules: draft a budget and stay with it; begin saving and save every cent you can; and incrementally begin rebuilding your credit.
There’s no law saying who must file bankruptcy or when. Let an experienced Chicago bankruptcy lawyer assess your personal financial situation before you take any legal action. For some people, bankruptcy is the last realistic option; for others, an alternative to bankruptcy may be less costly and just as effective. Let a bankruptcy lawyer explain foreclosure relief, debt negotiation, and other alternatives that may even be better for you than bankruptcy.
Still, if bankruptcy is what’s right for you, you’ll have to decide on the type of bankruptcy and the precise terms. In any bankruptcy, complicated financial and legal documents must be completed, and a small, honest mistake can cost you. If you’re in the Chicago area and you have debts that you simply will be unable to pay, get help and contact an experienced Chicago bankruptcy lawyer as quickly as possible.