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Glendale Heights Bankruptcy Lawyer

When you are considering filing for bankruptcy, it is best to see an attorney sooner rather than later to discuss your case. Chances are, you have been given some firm deadlines from creditors and loan providers, and consequences may be steep with threats of foreclosure or wage garnishment. As soon as you file a petition in bankruptcy court in Glendale Heights, you will have some leeway to get organized and hold off on payments until your case is negotiated by a trustee and your lawyer from Cutler & Associates, Ltd. Our practice has been providing bankruptcy representation for more than 20 years, and we utilize an aggressive, efficient approach for helping our clients get their finances back on track.

Bankruptcy Basics

Before filing bankruptcy, it’s important to have a little background information about how it works and what it can accomplish. Our lawyers will walk you through all the details, but you can find some basics below.

  • What bankruptcy does – Depending on whether you file Chapter 7 or Chapter 13 bankruptcy, you will either have your debt dramatically reduced or eliminated or restructured with a payment plan. Through this process, you can lower your debt to a manageable sum and work toward restoring your credit score. In addition, filing bankruptcy will stop calls and letters from debt collection agencies, because an automatic stay is put on collection activity right away.
  • What bankruptcy does not do – There are some limitations to bankruptcy. It may not always necessarily stop repossession or liens, and it can only stop the foreclosure process if you file Chapter 13 bankruptcy. There are also specific types of debt that bankruptcy cannot reduce or restructure. These include tax liabilities, student loans, spousal support, and child support. You should also recognize that bankruptcy can liquidate some of your assets in the case of Chapter 7 bankruptcy, but there are some that will be protected, such as retirement savings. Remember—bankruptcy is not designed to be a punishment for consumers, so you should not wait to talk to a lawyer about how it can help.

Why Immediate Action Is Important

Waiting to face your debt and find a solution—whether it is bankruptcy or another type of debt relief—will only worsen your situation by increasing the debt you owe and allowing debt to be passed through multiple debt collection agencies. Avoiding calls from creditors is common, but that does not mean that you should avoid calling an attorney to talk about the possible solutions to these constant calls.

Call Us Today to Get Started Working Toward Your Financial Freedom!