Should I File For Bankruptcy?

When debts get out of control and bills begin piling up, at some point most people would consider bankruptcy. However, you may not need to file for bankruptcy. It’s right for some people sometimes, but it may not be right for you. On the other hand, your particular situation may make you a perfect candidate for bankruptcy protection. For most people who eventually declare bankruptcy, it really is their best option. In the greater Chicago area, if your debts are beginning to bury you, seek sound legal counsel at once – speak with an experienced Chicago bankruptcy lawyer.

In most cases, the person who files for bankruptcy is already in dire economic circumstances, often with overwhelming credit card debt followed by some unfortunate life event like sudden employment, divorce, or serious illness. Interest and penalties start to mount and debts can’t be paid. Bankruptcy is for people in precisely this kind of situation: people who genuinely need a new beginning.

Still, even if you’re dealing with unpayable debts, you may not need to declare bankruptcy to protect your assets. Under Illinois’ exemption laws, unsecured creditors like credit card companies can’t take your exempted assets. If you are the target of harassing phone calls, that can be stopped. A good Chicago bankruptcy lawyer can look at your assets, determine what is exempt, and take action to stop harassment by creditors.

However, Illinois’ exemption laws only protect some property from some debts and creditors. You’ll still eventually have to pay any off any taxes, court fines, child support, or student loans that you owe. And if you pledged property as collateral against a loan, the lender may seize that property and exemption laws will not protect it.

Everyone’s situation is different. In the Chicago area, if your debts are becoming unpayable, get honest bankruptcy advice from an authority, and consult promptly with an experienced Chicago bankruptcy lawyer.