Should You File Bankruptcy in Chicago?

by | Mar 19, 2014 | Lawyers

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These days, more and more people are dealing with debt that has their finances out of control. Once you get into debt, it can be difficult to get out of, especially if you experience the loss of a job or an unexpected medical crisis. If you have more debt than you can afford, you may be wondering about your options. The first option you need to think about is to contact each creditor and try to get them to work with you. Some creditors are more than willing to work out payment arrangements, rather than have the debt go to collections. If you try this option and get no results, you may want to consider filing for bankruptcy. To help you to understand what to expect from the process, it is helpful to hire an attorney for your bankruptcy in Chicago.

What Happens in the Bankruptcy Process?

When you begin the process for filing for bankruptcy in Chicago, you will need to meet with your attorney to go over your options. Your attorney will need you to bring in information on all of the debts you owe. Each debt must be listed on your bankruptcy, or you will still be held responsible for the debt. When a debt is listed, this means the creditor cannot contact you, pursue you for the debt in court or garnish your wages. If you fail to list a debt, the creditor has every right, allowed under the law, to pursue you.

Once your attorney has looked at your debts, property information and income, he or she will be able to assist you in making the decision on which type of bankruptcy you need to file. Some types allow you to keep all of your assets, while others require the liquidation of certain types of property. Your debts will either be settled through the sale of your property or through a monthly payment made to the court.

If you would like to learn more information about filing for bankruptcy, visit the website They will be glad to meet with you and go over your options, so you can make an informed choice for your financial needs.

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