When you think of bankruptcy, you may think of the stigma that it carries. Someone who has been bankrupt may not be good with money. He or she may be seen as irresponsible. Bankruptcy can affect relationships and even job prospects, with many companies now checking credit scores as a condition of employment.
When a person gets into debt, it can be tough to dig out of it. That is why many people choose to file for bankruptcy and get a fresh start. Those who decide bankruptcy can opt to liquidate their assets and repay debts or create a repayment plan.
Bankruptcy can be complicated, though. There are some things it cannot do. If you file bankruptcy on your own, it will not protect your spouse or co-signer from any debts in their name. It can affect your credit and your life for many years.
There are several types of bankruptcy. Some are for individuals, while others are for businesses. Some liquidate your assets, while others offer repayment plans.
Bankruptcy is a major decision and is not something to be taken lightly. You could lose your possessions. Where will you live? What will you drive? This can impact your life in many ways. Contact Forst Law Offices in Orland Hills to see if you are a good candidate for bankruptcy.
Benefits of Bankruptcy
If you are struggling with debt, the nice thing about bankruptcy is that it can eliminate this debt. It discharges most debts and allows you a fresh start. It can give you more time to make payments on your house or car, preventing foreclosure and repossession.
Once you file for bankruptcy, your wages cannot be garnished. If your utilities have been shut off or threatened to be shut off, bankruptcy can prevent that or turn them back on.
You will no longer have to hear from creditors. They will not be allowed to threaten or harass you in any way. They cannot call or send letters.
Disadvantages of Bankruptcy
Bankruptcy cannot solve all your financial problems. If you do not pay debt on your collateral, such as your car or house, it will be seized. It also does not discharge debts such as child support, alimony, and student loans. In addition, a bankruptcy will stay on your credit record for 10 years. This can make it difficult to plan large purchases.
Get Help From an Illinois Bankruptcy Lawyer Today
Bankruptcy can offer you a fresh start if you are struggling with debt that never seems to go away. However, it will affect your credit score for a long time, making it difficult to buy a car, house, or other major purchases.
You need to go through the pros and cons to see if bankruptcy is right for you. Start by contacting bankruptcy lawyer Richard J. Forst from Forst Law Offices. He has more than two decades of experience helping people struggling with finances. Get started by calling his Orland Hills office at 708-949-6440 or filling out the online form.
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