Gurnee Bankruptcy Lawyer
If you feel like you have been taken hostage by your debt due to seemingly endless calls from creditors and letters threatening liens and foreclosures, you should know where to turn for help. Filing bankruptcy may not be your only available option, but it may be the most effective way to restore your financial health. The first step in regaining your financial freedom is consulting a law office specializing in chapter 7 and chapter 13 bankruptcy serving Gurnee, like the team at Cutler & Associates, Ltd. Here’s a little more information to know before you consider filing.
Bankruptcy May Be the Best Option for Managing Financial Factors Outside of Your Control
Often, people do not file bankruptcy because of irresponsible financial decisions or poor money management. Bankruptcy is intended for individuals who are unable to keep up with payments on their debt due to factors like:
- Divorce or death of a spouse.
- Chronic medical conditions or disability.
- Loss of income.
In these situations, it can be hard to manage payments on the principle balance, and the difficulty will only increase as fees and interest continue to accumulate.
Bankruptcy Does Not Ruin Your Credit
There is a common misconception that bankruptcy will destroy your credit, but the likelihood is that your credit has already been heavily impacted by missed credit card and loan payments. Your credit score might dip down a bit further initially after you file bankruptcy, but this will be the first step in a repair process, which may take place faster than you might expect if you follow your bankruptcy agreement.
You Need to Hire a Lawyer to File Bankruptcy
Navigating bankruptcy court is not a process designed for the average consumer. A lawyer will help you understand each step in the process as well as your rights and obligations once you petition the court. In addition, your legal representation can help you preserve your most vital assets, such as retirement accounts and life insurance policies, so they will not be liquidated to pay creditors in chapter 7 bankruptcy. If you are filing chapter 13 bankruptcy, your attorney can ensure that your payment plan to pay off your remaining debt is within a reasonable range for your income and other expenses.