Bankruptcy Isn’t a Disgrace, It’s a Solution

by | Apr 23, 2012 | Lawyer

The ongoing recession in the U.S. economy has led to countless individuals seeking bankruptcy help in Wheaton. Many individuals who are in debt now are the same individuals would not have ordinarily had trouble making payments on their mortgages or other debts. Since the recession, however, many have experienced layoffs or have lost their incomes in other ways, resulting in them seeking bankruptcy help. The middle class and especially the poor in this country have been severely impacted by the economic downturn. Many wealthy individuals have also been affected to the point of bankruptcy, as well. Any person facing extreme financial difficulty is able to file for Chapter 7 or Chapter 13 bankruptcy, regardless of how large or how small his or her income is.

Those considering seeking bankruptcy help in Wheaton are encouraged to not feel any shame in seeking bankruptcy. Numbers of well-respected people have filed for bankruptcy, including many people who are in the public eye. Bankruptcy was put in place specifically for those who cannot pay their debts and is intended to protect people from becoming completely destitute. The object is to help an individual recover from financial ruin as quickly as possible and to continue contributing to society.

When the mortgage of your home is greater than it is actually worth, your mortgage is considered to be under water. Many wealthy Illinois residents have sought bankruptcy help in Wheaton in order to address this issue. Unfortunately, many of these people waited longer than they should have and have entered a short sale with their banks or walked away from their homes altogether. Because Illinois is a recourse state, the bank can go after people owing on their mortgages for the difference between the outstanding mortgage amount and the amount of money that the home sold for, leaving the debtor with nothing.

If the debtor had sought bankruptcy help in Wheaton and filed for bankruptcy, the outcome would have been very different. The collection proceedings against the debtor, including foreclosure, would have been stopped. The individual would then be provided time to determine the best course of action to address his debt issues. These might have included a modification of his or her existing loan(s), a loan repayment plan, or liquidation. Most importantly, the bank would not be able to go after the debtor and collect money on the house.

Bankruptcy Help Wheaton – Don’t wait to seek bankruptcy help until it’s too late. For bankruptcy help in Wheaton, call Chicago Debt Solutions at 312.445.9106. Our attorneys provide bankruptcy help to clients throughout Chicago and the state of Illinois. Visit Chicago Debt Solutions online or to schedule an appointment with a bankruptcy attorney in Wheaton:.


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