Filing for bankruptcy in Chicago is a personal decision and should only be considered after weighing all possible options. There are some warning signs that bankruptcy might be a good option for you:
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Behind on your bills – Paying bills in full is a struggle and you are always behind.
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Late – Are you constantly worried you won’t have the money to make bill payments on time?
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Lawsuits – Currently being sued by a creditor trying to collect debts?
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Harassment – Creditors are constantly calling and harassing you about your debt.
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Facing foreclosure – The foreclosure process has started on your home.
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Facing car repossession – Car payments are behind enough that it is likely your car will be repossessed.
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New Debts – Are you struggling with recent unforeseen expenses that are hard to maintain?
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Job loss – An income in your household has been lost due to job loss and it has been a challenge to find a new job.
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Minimum payments – Are you only making the minimum payments towards credit card debt? If that is all you can afford and you continue to use the cards it will be nearly impossible to ever pay off the debt.
If you can relate to some of all of these warning signs it might be time to talk about your options with a bankruptcy attorney in Chicago that offers Free Legal Evaluations. They can review your situation and outline what bankruptcy options might make the most sense for you. This is a risk free way to obtain free advice on your situation and get a feel for the bankruptcy attorney you are considering working with.
They can help you determine if chapter 13 bankruptcy or chapter 7 bankruptcy in Chicago makes the most sense for you. If you are trying to save your assets and you have a reliable income coming in then chapter 13 might make the most sense for you. However if you have mostly unsecured debt like credit card debt than chapter 7 may be your best option.
If you make the decision to file for bankruptcy there are a few things you can gather that will be required documentation by your Chicago bankruptcy lawyers and the bankruptcy court. These items include:
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Copies of your most recent tax return
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A few current pay stubs
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Documentation of all secured debt (including car and home loan documentation)
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Your license or any state issued identification card
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Social security card
Whatever you’re leaning towards it will be your Chicago bankruptcy lawyers that can provide their expert advice on your personal situation. Filing for bankruptcy is not something you should enter into alone. An attorney will make sure all paperwork is filed correctly and on time and relieve a lot of extra stress from their client during the bankruptcy process.
