The Right Time to File For Bankruptcy in Chicago

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Is there any ‘right time’ to file for bankruptcy in Chicago? Anyone who has ever had a lot of debt knows how draining it can be. Not just financially, but mentally and physically draining as well. Between trying to make minimum payments, avoid debt collectors and worrying about losing vehicles, their home, or any other property, people in debt have a lot on their plate. Most people want to try to fix their financial problems themselves but there are times when it is best to contact a reputable bankruptcy lawyer to help you through the mire.

When The Money Is Just Not There

Most people would agree that if they had the money they would not be in debt. Part of the process of filing for bankruptcy is credit counseling. Often people don’t realize how much money they actually have. By budgeting and limiting spending, you may find a clear path to a financial future free from debt.

When Your House Might Be Lost

When filing chapter 7 bankruptcy a family’s home may be ost if you are unable to afford your monthly mortgage payments. For most people facing financial disaster losing their home or car is last thing they need so they tend to put off filing for bankruptcy. Only by speaking to a bankruptcy lawyer, however, can you learn about the difference between chapter 7 and chapter 13, which may allow you to keep your home, vehicles and any other item that credit was used to purchase.

When Your Life Circumstances Have Changed

Unpredictable events can happen to anyone. If someone struggling financially is a victim of an accident, divorce or have lost his or her job and unable to return to an equal-paying job, bankruptcy may be the best choice. Unpaid debt left to accrue interest will not go away but only get worse. Illinois residents willing to take an honest and realistic look at their circumstances can determine with the help of a bankruptcy lawyer if they will ever be in a position to repay their debt. If not, bankruptcy will probably be recommended.

No one plans on filing for bankruptcy. Once someone with a mountain of debt is able to look past the stigma and stereotypes and work with trained credit counselors and bankruptcy lawyers in Chicago they can determine if bankruptcy is the best answer for them. Sometimes wiping the slate clean is the only way to begin moving forward again.