Consolidate or Negotiate?

If you’re fighting with debt and losing the battle in the Chicago area, don’t think that bankruptcy is your only resort. Yes, for some debtors, bankruptcy is their only practical option, but for others who are in debt, there may be a less expensive and equally practical option. If you are buried in debt and starting to feel desperate, help is here. Call an experienced Chicago bankruptcy lawyer who can assess your individual financial situation and recommend the best option for you. For many in the Chicago area, debt settlement is a better option than bankruptcy. When you are legally prevented from filing for bankruptcy, cannot afford to file for bankruptcy, or cannot meet the terms required by a bankruptcy, a good bankruptcy lawyer can explain debt settlement. If you go with that option, a bankruptcy lawyer can help you through every stage of the debt settlement process.

Often, a good bankruptcy lawyer can settle your debt for a considerably lesser amount by negotiating with your creditors. When negotiation succeeds, a creditor agrees in writing to accept the lesser amount, and that payment discharges the debt. A “debt consolidation” service has no legal ability to stop a creditor from acting against you, and debt consolidation is actually more costly in the long run than successful debt negotiation. The debt consolidator takes a percentage of your payments but does not work to reduce your overall debt. You’ll get little or no actual, long-term relief through the debt consolidation approach.

In the greater Chicago area, if you face mounting debts and you cannot pay them, you need an lawyer who can provide practical advice, help you make the right decisions, and provide representation if a creditor takes legal action against you. If your debts are out of control in the Chicago area, discuss your options with an experienced Chicago bankruptcy lawyer as quickly as possible.