Financial debt is a common problem in today’s world. Excessive debt is sometimes caused by job loss, an extended illness or divorce. When you are faced with a situation where you have more debt than you can afford to pay, the law gives you a way to either reorganize your bills to make your monthly payments manageable or dissolve your debt completely. The option that is best for you depends on your income, the types of debts you have and whether you want to keep your home.
When you need Bankruptcy Help in Chicago, it is vital that you choose a lawyer who has experience helping clients in financial situations similar to yours. Some bankruptcy attorneys may focus on Chapter 7 filings while a foreclosure lawyer is more likely to focus on Chapter 13 bankruptcy. If you are deep in debt but you want to keep your family home, be sure to use a lawyer that can help you prevent foreclosure with a Chapter 13 bankruptcy.
When a family is in debt because they don’t have enough income to pay their bills, Chapter 7 bankruptcy may be the best solution. For people who qualify, Chapter 7 bankruptcy can legally erase their unsecured debts. If you are in this situation and you are behind on your mortgage payments, you are probably going to lose your home. Fortunately, by using the skills you will learn in financial counseling, you can improve your credit score and may qualify for a new mortgage a few years after your bankruptcy has been discharged.
There is no reason to be ashamed or put off getting the assistance you need if you are unable to pay your bills. Bankruptcy Help in Chicago is available for those who need it. Your lawyer and the financial counselors can help you prepare for life after bankruptcy to help you get back on your feet. As you begin to get new credit offers after your case is discharged, it is important to make sound financial decisions for the future of your family. The law limits the use of bankruptcy to dissolve your debts. For more information contact Chicago Debt Solutions. To see their business reviews visit BBB page.
