Bankruptcy, as most people know, is the legal process that allows individuals, couples, or businesses to liquidate most of their debts and reboot their finances. There are several ways to declare bankruptcy, but bankruptcy laws are always complicated. Adhering to the various rules and regulations, along with completing and filing the schedules, documents, and other paperwork is a challenging task. For these reasons and more, the first step in filing a bankruptcy in the Chicago area is to consult with an experienced Chicago bankruptcy lawyer before doing anything else.
When you first consult with a bankruptcy lawyer, fully disclose all of your assets and liabilities. Speaking frankly about your own financial difficulties may prove an embarrassing task, but your bankruptcy lawyer is there to work for you and help resolve your difficulties. Obviously, you’ll want to find a bankruptcy lawyer you can trust, someone you can work with comfortably.
Assets and liabilities must be fully disclosed from the beginning because they are the focus of a personal bankruptcy. You will also need to disclose your income. By examining your income, property, and liabilities, a good bankruptcy lawyer can then determine the course of action that is in your best interests and make certain that you qualify for a Chapter 7 or a Chapter 13 bankruptcy. Bankruptcy isn’t the right solution for everyone who faces unpayable debts. If it’s not the best option for you in your particular circumstances, your bankruptcy lawyer will suggest some realistic, appropriate alternatives.
Still, bankruptcy really is the only option for some people, and if it’s right for you, you’ll have to determine – with your lawyer’s help – the type of bankruptcy and the specific terms. Above all, being open and honest with your lawyer will ensure that your bankruptcy process – your pathway to a fresh financial start – goes as smoothly and quickly as possible. In the Chicago area, if you face debts that you simply are not able to pay, don’t wait. Call an experienced Chicago bankruptcy lawyer immediately.