The Bankruptcy Option—Your Friend When Debt Becomes Insurmountable

Walking down any street in America you’ll likely pass one or several  homeless people. Some people might choose to put a few dollars in their  cup, while others may simply be at capacity already dealing with their  own problems and may forge ahead without considering the homeless  person. It’s hard to know what’s going on in anyone’s life when you  don’t know them, but one thing we do know is that homelessness is a  terrible situation for those who suffer within it. Another thing we know  statistically but may be afraid to acknowledge—insurmountable debt can  lead to bankruptcy and bankruptcy can, and often does, lead to  homelessness. So while we may have a job today, and feel like  homelessness could never happen to us, it does happen. The fact is, most  Americans live from paycheck to paycheck, and it only takes a few  missed paychecks before debts begin to mount, creditors begin to call,  and before you know it—you’re looking at bankruptcy as an option to find  relief and salvage your life.

While the  aforementioned sounds grim, and we admit it’s better to be liquid than  to be bankrupt, bankruptcy itself is not always a bad thing. On the  contrary, bankruptcy can be a very good option if you are falling deep  into debt and see no way out. When you’re thinking about your financial  situation, you need to consider it from all angles, and think about your  current situation as well as your future. A Chicago bankruptcy attorney can help you analyze your debts and think through all your financial options.

When considering your financial status and its prognosis, it’s important to consider the big ticket items, and the major issues.

Let’s  look at a few. For many people who are swimming in debt, first and  foremost, they worry about foreclosure. If your debt situation has  become so dire that foreclosure is nearly imminent, you need to talk  with your Chicago bankruptcy attorney about the  bankruptcy option. If you have earned a significant amount of equity in  your home, you may want to take steps to save it. And if you’re behind  on your mortgage to the extent that your lender has already notified you  about a potential foreclosure, a bankruptcy filing can stop the process  before the sale of your home. This won’t save your home, but it will  buy you some extra time to catch up with your payments on your own, or  seek financial assistance from a family member or trusted long time  friend. While asking for money is never easy, you’ll have to weigh the  pros and cons. Is it better to ask and potentially save your family’s  home, or not, and save your pride? This is a question only you can  answer, but the bottom line is that a bankruptcy can buy you a bit more  time to figure out what you want to do. And even if you decide to let  your home go to foreclosure, the bankruptcy will have allowed you time  to make peace with that decision, in addition to offering you financial  relief in many other areas of your life as well.

The  loss of one’s home is typically the biggest concern people have when  they fall deeply into debt, but there are other times as well that  bankruptcy may become a good option such as:

WHEN CREDITORS HAVE BEGUN TO GARNISH YOUR WAGES

If  your wages are being garnished by a creditor or multiple creditors, you  may be in jeopardy of financial ruin in other areas of your life as  well. If your paycheck is already committed to paying your mortgage,  your kid’s health insurance, your car payment, and your groceries, and  you have nothing much left over, then a wage garnishment is going to  cause a serious hardship in your life. Obviously, payments that are  needed to care of your family and their health are going to be a higher  priority for you than making a payment to a Fortune 500 credit company  or bank, so don’t sacrifice your family’s wellbeing, bring us on board  to help you help yourself. As a top Chicago bankruptcy attorney we  can help you analyze your entire financial life and make smart choices  that will positively impact your future, and bankruptcy may prove to be  one of those smart choices.

WHEN CREDITORS HAVE SOUGHT TO FREEZE YOUR BANK FUNDS

Obviously,  if creditors have found a legal means to freeze your bank funds, then  you know it’s time to take legal action of your own. When someone, or  some institution, is controlling your finances, then clearly you are not  in control, and you need to be in control of your own financial  destiny. Call a Chicago bankruptcy attorney right away in this case, and take back control.

WHEN YOU HAVE BEEN SUED FOR DEBT

Of course, if you have already been sued for debt then you have no reasonable options other than bringing a Chicago bankruptcy attorney on board immediately. A bankruptcy attorney can  help negotiate the terms, potentially what you owe, and help to bring  some order to your financial life such that you can find relief.

THE BOTTOM LINE

When you are facing a mountain of debt and considering bankruptcy, you need to choose a bankruptcy attorney who  understands the laws backwards and forwards, but also one with whom you  can relate. You need an attorney who is not only savvy and experienced,  but also compassionate. When you’re looking for the right Chicago bankruptcy attorney consider your options carefully and choose the best attorney you can retain.

Scroll to Top
CHAT