Bankruptcy attorneys in Wheaton can consult with you to help you decide if bankruptcy is the right solution to your debt crisis. While no one wants to file bankruptcy, sometimes it is the best solution to mounting debt problems. It is not a quick fix. There are consequences but these consequences can be effectively managed. Before deciding on this debt solution, there are some things you should know about bankruptcy. There are two types of bankruptcy for an individual; chapter 7 and chapter 13 bankruptcies.
Chapter 7 bankruptcy is a true bankruptcy and involves liquidating your personal assets and setting up a payment plan to pay back creditors. The court may be able to discharge certain debts, meaning you will not be responsible for paying those debts back to creditors. Most bankruptcy proceedings require you to attend approved credit counseling classes before filing. Bankruptcy attorneys in Wheaton can give you more details about what is required for filing Chapter 7 bankruptcy.
While chapter 7 bankruptcies involve total liquidation of most of your personal assets to repay your debts, chapter 13 bankruptcy is more of a debt consolidation arrangement. With chapter 13 bankruptcy, you are making payments to a trustee, who then makes payments to each of your creditors at a pre-determined payment amount. Chapter 13 does not discharge your debts, but rather gives you time to pay them back on time while you get back on your feet financially. As with chapter 7 bankruptcy, you must also attend approved credit counseling classes before filing.
Being financially strapped can take its toll on your health, both mentally and physically. You may wake up and go to bed fatigued, even if you are not working at a job. Bill collectors may not understand, or even care that you have lost your job, are disabled, sick or incapacitated in some other way. Some days, it may seem like you just do not know which way to turn. Don’t give up before talking to a personal bankruptcy attorney.
Both chapter 7 and chapter 13 bankruptcy filings can effectively stop wage garnishments, foreclosures and other debt collection procedures. If you are tired of getting harassing calls from creditors at all hours, then maybe you should schedule a free consultation with bankruptcy attorneys in Wheaton to see if bankruptcy may be the right solution for your debt crisis.
If you do decide to go with either chapter 7 or chapter 13 bankruptcy, remember that a bankruptcy can remain on your credit report for 7 to 10 years. However, bankruptcy is not the end of the world. It may be the beginning of your debt management solution.
Bankruptcy attorneys in Wheaton are extensively experienced with both Chapter 7 and Chapter 13 bankruptcy filings. A free consultation will help you decide if bankruptcy is the right debt management solution for you. Chicago Debt Solutions has 5 convenient metro area locations to serve you. Julie Trepeck is a skilled attorney with extensive experience and legal knowledge of bankruptcy laws. She can assist clients in all stages of debt problems and help them find a solution. For more information or to schedule your free debt solution consultation, you may visit the website http://www.chicagodebtsolutions.com/ or call 312.445.9106.