The word bankruptcy conjures up images of courts, debts, and financial ruin, but the truth about bankruptcy is that it is a prudent and responsible way of facing your financial problems and meeting the future with confidence and pride. When you consult with a Chapter 7 bankruptcy attorney you can be sure that your case is heard by a sympathetic judge in your local Chicago Metro bankruptcy court. Having a local legal eagle on your side will give you the wings you need to fly triumphant once more.
Bankruptcy Basics
Having debt is not a crime and neither are the facts surrounding the reasons that you may be unable to service your debt. People are in debt for many reasons, one of them being the sluggish and slow to recovery economy that has left many people in Illinois reeling with massive debts and rising unemployment. Medical debt is one of the top reasons that people declare bankruptcy in the State of Illinois; you are not alone.
There are a number of different types of bankruptcy and you should consult with a professional and reputable attorney before you commit to a course of action. For individuals who are unable to service their debt, you may consider a Chapter 7 or a Chapter 13 bankruptcy depending on your ability to pay back your debt in the future.
This will be decided on after you have completed The Means Test, which correctly analyses your current financial predicament as well as your future earnings. A local lawyer will be able to help you complete the means test and advise you on which type of bankruptcy is right for you. A Chapter 7 bankruptcy will allow you to effectively wipe out all of your dischargeable debts. This could include all of your credit card debts, medical bills, foreclosure balances and even some tax debts. It allows you to face the future with confidence and start again knowing that you do not owe any money.
Stop Your Creditors
One of the biggest aspects of a bankruptcy is that it can and will stop any action by your creditors to exact payment from you. It will also stop the any legal action that your creditors may have started filing against you. They may not call you, harass you or contact you in any way. This goes a long way in relieving some of the stress and burden that being in debt brings. A Chapter 7 bankruptcy attorney will be able to bring further relief when your bankruptcy has been discharged after you have successfully completed a Credit and Debt Counseling program.
It is not about how much you owe, when it comes to determining your eligibility for a bankruptcy, but the fact that you are unable to service your debt. Talking to a professional bankruptcy lawyer is the first step in getting the wind beneath your wings again.