Bankruptcy Attorney in Crystal Lake
Being deeply in debt can put your financial stability at risk, and it can have serious repercussions for your future. That’s why it’s important to be informed about when bankruptcy is the right decision to make. If you are considering declaring bankruptcy in Crystal Lake, Illinois, get in touch with the experienced team of attorneys at Cutler & Associates, Ltd. Our lawyers can examine your case and help you determine the best way to move forward.
Why You Might Need to Declare Bankruptcy
Nobody wants to declare bankruptcy, of course—but there are times when it’s necessary. If you have found yourself struggling to meet all of your financial obligations every month, there may come a time when you can no longer keep your head above water. At that point, you’ll need to at least consider filing for bankruptcy. These are some of the warning signs that your financial situation has become untenable:
- Your entire monthly income goes to paying your bills and other obligations, with little or nothing left over for food, gas, and other living expenses.
- You are receiving regular phone calls and letters from collection agencies, some of whom may contact you at work as well as at home.
- You are being threatened with serious consequences because of your debts, such as wage garnishment or foreclosure.
- You are experiencing severe stress as a result of your debts, which is affecting the quality of your life from day to day.
What Happens When You Talk to a Bankruptcy Attorney
If any of the above scenarios sound familiar to you, you’ll want to sit down with an experienced attorney to talk about whether or not bankruptcy is the best choice for your situation. For this consultation, bring along any paperwork relating to your financial status, including any and all correspondence with your creditors, your most recent tax returns, and proof of your current income. During this initial consultation, your attorney will explain to you what declaring bankruptcy really means, and the differences between the various chapters. You will get a better understanding of the long-term effects of declaring bankruptcy, as well as how you can start to rebuild your credit after filing. If you’re finding it impossible to stay on top of your bills from one month to the next, it’s time to consider your options.