Bankruptcy Attorney in Cary
If you are feeling overwhelmed by your debts, the thought of filing for bankruptcy may have crossed your mind. You may not be certain, however, whether or not bankruptcy is the right choice for you at this point in your life. Before you decide to file for bankruptcy in Cary, Illinois, connect with the experienced attorneys at Cutler & Associates, Ltd. Our legal team will be glad to answer your questions, inform you about the bankruptcy process, and provide you with capable legal representation.
How Bankruptcy Will Affect Your Life
Before you can make the decision to file for bankruptcy, you first need to understand what bankruptcy is and what filing means for your life. It’s important to understand that bankruptcy will hurt your credit rating, but also that you will eventually be able to have good credit again—which would not be the case if you failed to resolve your debts. If you file for chapter 7 bankruptcy, it will stay on your record for 10 years before being dismissed; if you file for chapter 13, it will be on your record for 7 years. Even during this time, however, you can be taking steps to get a better credit score.
What Bankruptcy Can Do for You
When you declare bankruptcy, it has a number of consequences that will take effect right away. Once you’ve filed, an automatic stay is placed on your creditors, preventing them from contacting you, pressing lawsuits against you, seizing your property, or—in most cases—evicting you for as long as the stay remains in effect. Under chapter 7, many of your debts will simply be dismissed, and some of your assets will be sold by a court-appointed trustee to pay off the remainder of your debts. Under chapter 13, a 3-5 year payment plan will be drawn up to allow you to pay off your various debts.
When to Contact a Bankruptcy Attorney
The best time to talk to an attorney about your bankruptcy case is before you file. In fact, it’s preferable to have your attorney file for you to ensure that your case isn’t held up by any errors. Your attorney can also provide you with expert legal guidance to help ensure that you make smart decisions for your financial future. Are you tired of those constant harassing phone calls from collection agencies? When you’re looking for a Cary bankruptcy attorney you can always depend on, call Cutler & Associates, Ltd.