Weighing Your Debt Options
If you’re like many Americans, you may find yourself overspent on your finances today. You’re not alone. Millions of Americans have done this believing they would have plenty of time to pay off their debts. After all, companies kept offering you more and more credit, so your credit rating must be fine, right? Well, as long as you’re employed it’s not that much of a problem. It’s when circumstances change that some realize the trouble they’ve gotten into.
The loss of a job, a major illness or some other life-changing event can destroy your ability to pay off your loans and lead you to start thinking about bankruptcy. While bankruptcy shouldn’t be your first choice, it’s important to remember that bankruptcy is an important tool to use under the right circumstances.
It’s a good idea to consult with a bankruptcy lawyer to get an idea of the avenues of financial management you can take. They will be able to guide you through the process of paying off your debts and looking at bankruptcy if all other measures fail. But be sure to rely on someone with experience. Bankruptcies not only have to be approved by a judge, but you typically only get one shot at it. So it’s crucial that whoever handles your case understands that.
You must meet certain criteria in order to be allowed to file for bankruptcy. If most of your debts are unresolved child support issues, student loans and other debts, you may not be able to file. Laws have changed recently to exclude people with a certain level of income. In those cases people will often be directed to file for Chapter 13 Bankruptcy, which requires that they pay back their debts over a 3-5 year period. True Chapter 7 Bankruptcy, where all your debts are cleared, is becoming more rare.
The best course of action is to speak with someone who is familiar with the law and can tell you what outcome your case will likely bring. With over 50 years of experience, we are qualified and ready to take your case.
If you are considering bankruptcy call one of our experienced attorney today at 312-273-1217. We will schedule a totally free appointment with a professional to discuss your options. All of our 7 Chicagoland locations have free parking and night/weekend appointments available.
By Kerrie Neal