Bankruptcy is an excellent legal tool that, when used wisely, alleviates you of your debts. But, sometimes it’s not the best solution to the problem. There may be other ways to tackle your debt, but you won’t know until you talk to a Bankruptcy Attorney in Chicago. An attorney assesses your financial situation and guides you to the best possible solution.
Some debts survive bankruptcy, which means that filing to eliminate them is essentially wasting your time and money. Student loans are one such example, along with court ordered payments such as alimony and child support. However, if you have debts that are on top of these that are difficult to pay, then bankruptcy can be of assistance. Eliminating debts that are beyond your control to pay leaves you with more money on hand to pay off those debts that do survive. This is why it’s a good idea to discuss your options with a Bankruptcy Attorney in Chicago before doing anything else.
Everyone has a Unique Financial Portfolio, although there may be commonalities in the type of debt they have, and how it is handled in bankruptcy. If your debt is largely consumer debt such as credit cards, then you can expect to eliminate them in bankruptcy. In the event that you have a home or own a car with a large balance owing on the loan, there are options to give them back to the bank without repercussion, renegotiate the existing balance or reaffirm the debt and keep the payments as they exist. The decision is up to you, and what makes the most sense for your situation as it will be after bankruptcy. The banks are essentially forced to cooperate as bankruptcy prevents them from repossessing the property and it is in their best interest to work with you on a solution.
If you’re still not sure about filing for bankruptcy, take the time to contact Julie H. Trepeck. She is a licensed attorney who has helped many with their desire to clear their debt, and she can help you as well. Taking the time to discuss your situation can help you make the decision on your debt that is right for you.