Bankruptcy Attorney in Addison
It’s difficult to dig your way out of a mountain of debt. The stress of unpaid bills can take a heavy toll on your health and your family’s quality of life. Here at Cutler & Associates, Ltd., we see situations like this every day. Our bankruptcy attorneys near Addison have made it their life’s work to help Chicago-area families get back on their feet. When you’re ready to consider bankruptcy, you may have lots of questions. Our bankruptcy attorneys have the answers you need to make an informed decision.
What Happens When You’re in Debt?
Falling into debt is an extremely stressful experience, because it means that you can’t find relief from your obligations. When you are in a continual state of debt, you may find yourself using up all of your income to pay your outstanding bills, with nothing left over for yourself and your daily expenses. You may also experience the following issues:
- You cannot get approved for new lines of credit.
- You may have your personal belongings, such as your furniture, repossessed.
- You may have difficulty getting a job.
- You may be harassed by collection agencies.
- You may be sued for failing to pay your debts.
What Is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
For most people, the two most pertinent types of bankruptcy are chapter 7 and chapter 13. If you file chapter 7, some of your debts will be dismissed, while others will be paid off through the sale of your property. If you file chapter 13, your monthly income will be used to pay off all of your debts over a period of several years.
How Can Your Attorney Help With Bankruptcy Proceedings?
If you’re thinking of filing for chapter 7 or chapter 13 bankruptcy, you should start by scheduling a consultation with a qualified attorney. An attorney who works with bankruptcy cases will be able to tell you which chapter of bankruptcy you should file under. Your attorney can also explain how the entire process of bankruptcy works, from preparing the initial paperwork to appearing in court. Once your debts have been discharged, you will be able to move on and begin rebuilding your credit. Declaring bankruptcy can be your first step toward resolving your financial problems and getting a fresh start.