Stop Debt Collector Calls and Repossessions With Help From a Bankruptcy Attorney in Rolling Meadows
Financial difficulties can happen to anyone. From job loss to divorce and medical crises, major life events can turn your financial well-being upside-down. It’s normal to feel helpless as bills start piling up and debt collectors are harassing you with threatening calls and letters, but there is a way out. A bankruptcy attorney in Rolling Meadows from Cutler & Associates, Ltd. can help you exercise your rights to get a fresh financial start and rebuild your family’s future.
Who Is a Good Candidate for Bankruptcy?
If you have debt that you cannot pay, bankruptcy could be right for you. When you file for bankruptcy, a few important things happen:
- Creditors stop calling
- Late fees stop piling up
- Interest stops increasing your debt
These three factors let you focus on making a plan for dealing with your debt, instead of watching it continue to add up. The best way to know if bankruptcy is the best solution for your situation is to make an appointment to discuss your case with a bankruptcy attorney in Rolling Meadows.
Does Bankruptcy Mean That I Have to Give My Assets to My Creditors?
One of the biggest misconceptions about bankruptcy is that it forces you to turn over all of your belongings to satisfy your debts. Although some people choose to use some of their assets to get a fresh start, your lawyer can help you protect the things you need to keep. Most people who file for bankruptcy get debt relief without losing their homes, cars, retirement accounts, and other personal assets.
What Will Happen to My Credit After I File?
Bankruptcy does remain on your credit report for seven to 10 years, depending on the type of bankruptcy you file. The biggest surprise that most people have after bankruptcy is how quickly their credit scores begin to climb. Bankruptcy puts an end to the collection activities that pull down scores prior to filing, and after discharge, your credit utilization is reduced. As a result, your score is primed to climb. As long as you use credit carefully after bankruptcy, you can expect your credit score to make a full recovery. For many people, bankruptcy is the first step towards building good credit.