When deciding whether or not to use a bankruptcy attorney in Illinois, Chicago residents should consider three important facts. While many people believe that hiring a bankruptcy attorneyis too expensive and they can do it on their own, they are mistaken. Attorneys have the experience to make sure your bankruptcy successfully gets you out of debt. Individuals filing for bankruptcy generally have two options, Chapter 7 or Chapter 13, and only a bankruptcy attorney can advise which is best for each individual’s circumstance.
1. Worth The Money Every Time
Someone considering bankruptcy obviously is in financial distress and looking for ways to cut back on spending. Many think that hiring a bankruptcy attorney is an extravagance they can’t afford. While it may cost money up front it will probably save you quite a bit in the long run. Bankruptcy attorneys have years of experience helping Illinois individuals save the most money and assets when filing. They understand creditors and keep a careful watch for ones claiming more from their clients than is really due. They also know the proper way to file complex bankruptcy forms; getting the job done quickly and efficiency.
2. Explaining Bankruptcy Options
For individuals filing for bankruptcy there are usually two options, chapter 7 and chapter 13. The primary difference between the two is a person’s ability to pay back their debts. If one has a stable income they can avoid losing their home and vehicles by filing chapter 13 which restructures their debt creating a new repayment plan. The plans usually last three to five years. During that time interest on unsecured debt may stop and creditor harassment ends. Chapter 7 eliminates most debt held by an individual. This option is generally recommended only for Chicago residents who have no means of paying back their debt. Only a bankruptcy attorney can advise which is best to choose.
3. Credit Counseling And Advice
Before filing for bankruptcy those in financial trouble should receive quality credit counseling. Credit counseling will be a part of the bankruptcy process and is mandatory in Illinois. It also teaches money management skills crucial to ongoing financial health. By first contacting a bankruptcy attorney before filing for bankruptcy individuals can be counseled and all other options explored before filing. Bankruptcy attorneys protect their clients’ best interests and work hard to rectify money problems. Before dismissing the help of a bankruptcy attorney in Chicago you should seriously consider all the benefits one can offer.