Many people are struggling and behind on bills and they are faced day and night with the stress of bills that are higher than they can afford. Maybe you’ve been through a divorced, been out of work, or under employed. There are bankruptcy law firms offering debt consolidation help that can help you to find a debt solution before you get further behind. You might have several options to get hold of your financial situation, and an attorney can best evaluate your situation to advise you so you can decide which one is best for you.
Individuals may go with either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. With a Chapter 7, all of your consumer debts can be discharged. A Chapter 7 bankruptcy, while a serious mark on your credit record, can give you a clean slate to start over. You will be able to start over more quickly with a Chapter 7, because once it’s behind you, it’s behind you. Going forward, you can do things to improve your financial situation by having a budget that is within your means.
You can begin to repair your credit rating because and you’ll be able to set money aside. In the end, getting through a Chapter 7 and moving on with your life can look better on your credit record than simply by going years with delinquencies on your credit record. Another aspect of bankruptcy is that although it can be a stressful and intimidating process, the upside is that bill collectors have to stop contacting you altogether. You give them your attorney’s name and number and that’s the only person they can contact.
A bankruptcy with Chapter 13 offers you the opportunity for Debt Consolidation Skokie by reducing your payments and getting you on a payment plan that is administered by the court. Some people may want to go with a Chapter 13 because it allows them to avoid having a car repossessed or losing their homes to foreclosure, or if they owe federal student loans or back taxes, because those cannot be discharged in a bankruptcy. An attorney will conduct a means test to determine which bankruptcy you qualify for. For more information You can also visit Chicago Debt Solutions. You can like them on Facebook.
