Chicago residents in over their head with debt should realize that consulting a bankruptcy attorney is not one size fits all and actually has many benefits. Depending on which type of bankruptcy you file you may be able to keep your home and vehicles while working on repayment. The moment you file for bankruptcy through a reputable bankruptcy attorney, debt collectors must cease their attempts to contact you in any way. Bankruptcy is a wake-up call for many people and through credit counseling and/or repayment plans they can start fresh and hopefully avoid future debt problems.
Save The House!
Many people contemplating visiting a bankruptcy attorney fear they will lose their home, vehicles, electronics and anything else they own. While in some cases the house and vehicles are repossessed that is not always the case. By filing Chapter 13 for individuals or Chapter 11 for business owners an individual’s assets can be saved while a repayment plan is structured. Sometimes individuals prefer that their assets be seized. Due to income limitations elimination of debts outside their means may be in their best interest. If you have any questions about bankruptcy and protection of assets should contact a qualified bankruptcy attorney.
Stop The Phone Calls!
If you are drowning in debt due to overspending or to no fault of your own (like a medical emergency or unemployment) the last thing you want is harassing phone calls at all hours of the day and night. Debt collectors are merciless in their pursuit of debtors. They will not stop at calling a person’s home. They often contact friends, relatives and employers. By filing for bankruptcy the phone calls and letters stop – immediately. Chicago individuals opting to file Chapter 13 bankruptcy through a bankruptcy lawyer and settling on a restructured payment plan will not be harassed by creditors for the duration of the settlement.
Bankruptcy has a negative stigma attached to it making it something most people avoid. For some people, though, it can be a true saving grace. Before objecting to bankruptcy, Chicago residents in financial crisis should consider how a consultation with a professional bankruptcy attorney might actually help.