Bankruptcy Lawyer Woodridge IL – ASM Law – Call 847-231-3999
Bankruptcy Lawyer Woodridge IL
When most people consider bankruptcy, it’s understandable that a negative image will come to mind. Because of that, consumers often tend to overlook the true purpose of filing, which is to provide protection against creditors and get relief from some — or even all – debts.
Even though it might seem to be an overwhelming challenge, it is still possible. With the help of a Bankruptcy Lawyer Woodridge IL, you can get back to a much better financial place. A seasoned lawyer can help to protect your important assets while also providing you with realistic options for getting debt relief.
Financial problems rarely happen overnight. It is usually a gradual occurrence, with multiple warnings that the situation is deteriorating rapidly. If you overlook these signs and wait too long to take action, your debts can become overwhelming and soon you’ll have no choice but to file for bankruptcy.
If you’re seeing any of these signs, call our offices and consult with a Bankruptcy Lawyer Woodridge IL:
-You’re behind on bills and only able to make minimum payments.
-You’re maxed out on your credit cards and your debts are growing rather than going down. Also, you’re hit with overdraft fees every month.
-You are paying overdraft fees each month
-Collectors are calling you frequently.
-Creditors are threatening legal action against you regarding your debts.
-You are having difficulty qualifying for a debt relief program or debt consolidation loan.
-Divorce, illness or loss or a job has had a major impact on your finances.
Bankruptcy is not typically the first choice for resolving debt, but it can certainly be an effective solution for a lot of people. Although there are some potential downsides to consider, ultimately the benefits outweigh them. It’s true that a bankruptcy filing will negatively affect your credit and remain on your report from seven to ten years.
However, despite that factor, bankruptcy can be an option for people who will not be able to resolve their debt problems in under five years. Filing can help you financially recover, and your credit report could possibly recover within two to five years.
If your financial status is in a risky state and you want to receive protection against creditors and relief from at least some of your debts, then a Bankruptcy Lawyer Woodridge IL can help you.
Some Misconceptions About Bankruptcy
It’s important to gain an understanding of some bankruptcy basics before making a determination if it’s an appropriate choice for your situation. As an example, some people are under the impression that bankruptcy will lead to the loss of all their assets like vehicles and their home.
Thanks to the safeguards that excludes certain assets, that is not necessarily the case. Even if your car or home might be at risk, it might be possible for your Bankruptcy Lawyer Woodridge IL to negotiate options that are agreeable for yourself and your creditors.
Another frequent misconception is that bankruptcy will ruin your credit. Although it can negatively affect your rating, the damage would be far worse if you continued missing your payments.
Filing for bankruptcy puts an end to the collection process. You’ll start with a clean slate enabling you to start developing new credit instead of trying to play catch-up.
It’s useful to know that bankruptcy doesn’t wipe away every type of debts in each case. Rather, there might be some debt that is not dischargeable. Typical examples include overdue child support, student loans or debt to the Internal Revenue Service.
To get started call ASM Law today for a consultation with a Bankruptcy Lawyer Woodridge IL.