Bankruptcy Mistakes You Must Avoid

Bankruptcy isn’t simple. It’s an always-confusing and often-baffling legal procedure that genuinely requires help and assistance from an experienced bankruptcy lawyer. Of course, if you’re even considering bankruptcy, you are already in substantial debt. Without an lawyer’s guidance, any mistakes you make on your own in the bankruptcy process could cost you more, delay your bankruptcy or even derail it entirely. In the Chicago area, before you take any legal action regarding bankruptcy, consult first with an experienced Chicago bankruptcy lawyer.

Don’t wait too long to discuss bankruptcy with a bankruptcy lawyer. If you are drowning in debt, taking responsible action is imperative, and you’ll save a considerable amount if you deal with the problem sooner rather than later. Don’t simply file a Chapter 13 bankruptcy when you might qualify for Chapter 7. A Chapter 13 bankruptcy costs more and takes longer. A Chapter 7 bankruptcy is usually preferable, but not everyone will qualify.

Some people will not consider bankruptcy, even when they’re hopelessly in debt, but that’s simply because of stubbornness or a misunderstanding. Bankruptcy no longer says something bad about your character. In fact, it’s the responsible way to deal with debts when you have no other alternative. In 2010, more than a million U.S. families and individuals filed a Chapter 7 bankruptcy. While your bankruptcy is pending, and prior to filing, don’t accumulate more debt, and don’t file a bankruptcy unless you intend to take it seriously and adhere to its terms.

Bankruptcy isn’t magic. It takes some work on your part. It isn’t for everyone, either. Many persons in debt have alternatives other than bankruptcy, and you should discuss those alternatives with a bankruptcy lawyer before taking any action at all. If you are located in or near Chicago, your debts are mounting, and you don’t see a way out, arrange to meet with an experienced Chicago bankruptcy lawyer as quickly as possible.