Have you been asking yourself, is bankruptcy right for me? You probably have many questions about the law if you’re thinking about going through a complex legal process, such as filing for Chapter 7 bankruptcy, foreclosure, or if you have Tax or IRS issues. You are not alone. Such legal issues are complicated and many people do not know how to proceed. In fact, for most people, acknowledging that assistance is needed is the biggest hurdle.
Find A Chicago Bankruptcy Attorney You Can Trust
So where do you begin? Trust is an important component in any relationship. But when your home, car and financial reputation are in someone else’s hands, you want to be sure they are working with your best intentions in mind.
When you first speak with an attorney you are interested in working with, they should invite you to meet with them for a free consultation. This gives you the opportunity to get to know the attorney better and it gives them a chance to learn about your situation and determine if they think they can help or not.
It is possible that someone who cannot pay their bills is not a good candidate for either chapter 7 or chapter 13 bankruptcy. Chapter 7 bankruptcy is sometimes referred to as “liquidation” because all assets that you currently have are taken and sold for cash which is used to pay your debts and expenses. Chapter 13 bankruptcy incorporates a payment plan that entitles debtors to keep their assets upon completing the payments. Steady income is a requirement for chapter 13 bankruptcy.
It seems logical that anyone suffering and unable to pay their bills should be able to determine the best form of bankruptcy for them and then file for it. This is true if you meet the requirements however someone can qualify for bankruptcy but not benefit from it.
Regardless of chapter 7 vs. chapter 13 there are some debts that cannot be discharged through bankruptcy. This means you can file bankruptcy and be cleared of all debt but any debts falling into these categories will still be your responsibility.
- Child or spousal support
- Student loans
- Back taxes owed
If your debt is made up primarily of student loans and a tax debt owed to the government and a small amount of credit card debt then bankruptcy is not meant for you. The only debt you would be discharged of is the credit card debt and it is likely that won’t be enough to stop you from struggling financially.
Any Chicago bankruptcy attorney who suggests that you should file in a situation similar too this clearly does not have your best interests in mind.
Once you understand that you need help with a financial situation you can begin by finding an experienced bankruptcy, real estate, or tax lawyer and sit down for a free consultation to discuss your options. You can often find a good local attorney by asking friends or neighbors for a referral (If you feel comfortable doing so), or by searching the internet for a local attorney in good standing with the Bar Association. Many attorneys can answer questions about the law in reference to your issue during the free consultation. This gives you an opportunity to evaluate the severity of your legal issue, and should provide clarity on how to gain financial stability.
Answering Your Questions About the Law:
While a bankruptcy or tax attorney will be prepared to answer your questions about the law pertaining to your particular issue, you must also be ready to discuss your situation and provide a number of items during a free consultation.
The following list highlights how you should approach a free consultation:
- Ask questions. This may seem obvious, but it is still important to stress that if you are facing a foreclosure (for example) you should do all you can and take a proactive approach to dealing with matters so that you can have a hand in helping to save your home. This really applies to any issue. If you don’t understand something that your legal counsel is explaining, ask them to break it down a bit. Getting all you can out of your free consultation is crucial. You need to determine if legal action is the correct avenue.
- Provide enough financial/tax information to give a thorough picture of their financial status. Providing any available financial documents can help save time and subsequent legal fees by helping your lawyer arrive at a reasonable and accurate estimate of circumstances of the case.
- If you are facing bankruptcy, you ought to include list of all creditors, assets and liabilities, your home mortgage balance, federal as well as state tax returns for the last three years, car loan payments, and outstanding credit card debt.
- Honesty is extremely important during a consultation. You must remember that a potential attorney needs all the facts in order to give their opinion on your financial future. Hiding assets or information could be extremely detrimental to the case if they are discovered at a later date. Not only does it hurt your case, it can also lead to fraud charges for you and can possibly jeopardize the attorney’s reputation and even their career.
This said, a free legal consultation can be extremely beneficial for: real estate, tax law, IRS audit legal help, and general legal help. When determining if you should contact an attorney for a free legal consultation to ask questions about the law, you should make sure that the following are true:
- All information submitted will be kept strictly confidential.
- You are under no obligation at any time during the free consultation.
- The initial consultation is free.
- Your information will never be shared with a 3rd party.
Suburban Legal Group PC offers the above confidentiality policies for each of it’s free consultation sessions: Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Real estate Law, Foreclosure, and Tax and IRS Issues.
Contact us and have your questions about the law answered during a Free Legal Consultation today!
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Suburban Legal Group PC shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.