The Tough File Bankruptcy

Joseph P. Kennedy, Sr., patriarch of the Kennedy clan, was fond of saying, "When the going gets tough, the tough get going." If you are struggling with overwhelming debt, the kind that keeps getting tougher and tougher, isn't it time to "get tough" and "get going" on solving your financial problems?

Taking control of financial trouble is always good advice, and bankruptcy can be a useful tool in managing debt. Last year over 1.5 million individuals took control and filed bankruptcy, according to the National Bankruptcy Research Center. In fact, a recent survey concluded that one in eight American adults has either filed or contemplated filing for bankruptcy. Findlaw.com, an internet legal site, conducted this telephone survey of 1,000 adults and found that 13% of the responses have considered bankruptcy to remedy their financial difficulties.

When you file a chapter 7 or chapter 13 bankruptcy, you shift the balance of power from creditors and bill collectors to your side. The federal bankruptcy laws stop collection activity dead in its tracks. While your bankruptcy case is pending creditors are prohibited by the federal law from taking any collection action against you, including harassing telephone calls or any legal action. Bankruptcy is an opportunity to reorganize your finances by eliminating debt ( chapter 7), or repaying some or all of your debts over three to five years ( chapter 13).

Bankruptcy is not only the end of many financial troubles, it is also a new beginning. Attorneys refer to the bankruptcy process as a "fresh start," and it can mean a second chance at living your life without the suffocating pressures of debt. Many people are able to quickly rebuild their credit after a bankruptcy, and often qualify for competitive rate home and auto loans within two or three years after the bankruptcy discharge.

Don't let debt rule your life. Speak with an experienced bankruptcy attorney and take control over your finances. A "fresh start" bankruptcy discharge may be the legal remedy you need to shape a better financial future for your family.

Contact the experienced Chicago bankruptcy attorneys at Glanzer & Associates, P.C. at 1-312-644-2227 to discuss your specific situation, and to schedule your free, in-person consultation.