Des Plaines Bankruptcy Lawyer
When you receive calls and letters from debt collectors, it can seem like you are in a hopeless situation, but you should remember that there are consumer protection laws that give you certain rights when it comes to debt negotiation. Though a call from a debt collection agency or a letter threatening repossession or legal action can sound scary, you have options for resolving your debt and avoiding these negative consequences. Talking to a bankruptcy lawyer in Des Plaines can help you understand your rights and your options for bankruptcy and debt relief so that you are able to take charge of your financial future. Cutler & Associates, Ltd. can be your ultimate resource for bankruptcy information and representation, and we’ll take the time to look at your case with a no-charge consultation and bankruptcy evaluation.
Why It Can Be So Challenging to Get Out of Debt
It is not often the case that an individual becomes severely in debt simply due to irresponsible spending. Usually, there are many complex factors that lead to the accrual of debt, and it’s especially difficult to control debt once it begins to build.
- Compounding interest and fees – If you miss a payment on a credit card or loan, interest still continues to accumulate on that account. In addition, you will have late fees to pay, and these will keep compounding as interest grows, making it more and more difficult to catch up.
- Factors beyond your control – As your debt continues to grow, you might face other challenges such as the loss of a spouse, sudden loss of employment, or an illness or injury preventing you from going to work. These factors can prevent you from meeting your earning potential and limit your ability to pay off your debt.
What You Need to Know About Bankruptcy
Bankruptcy is not a magic wand that can get rid of your debt, but it does present an opportunity to resolve your debt in a legal fashion so that you can end harassment from creditors and stop damaging your credit with delinquent payments. You may need to liquidate some assets or continue paying on a restructured debt settlement once your file for bankruptcy, depending on whether you file chapter 7 or chapter 13. Speaking with a bankruptcy attorney will give you the best picture of what to expect when you file, so don’t hesitate to reach out to Cutler & Associates, Ltd. if you are in Des Plaines, IL.