Glenview Bankruptcy Lawyer
Consumers often do not realize the potential benefits of filing bankruptcy, because they are under the incorrect impressions that bankruptcy can cause permanent damage to an individual’s credit or that bankruptcy will liquidate all assets, including retirement funds and life insurance policies. However, bankruptcy presents an opportunity to repair your credit and restore your ability to manage your debts, so you will not face continued harassment from creditors in Glenview. If you aren’t sure whether bankruptcy is the right choice, it is best to call an attorney to discuss your unique circumstances, since everyone’s finances are a little different. Cutler & Associates, Ltd. is happy to offer free bankruptcy evaluations to help you determine the right solution to improve your financial future and end debt collection attempts.
Who Should Consider Filing Bankruptcy?
Bankruptcy is not intended to be a punitive measure; it is a process that can allow you to resolve debt that has become impossible to manage with regular payments. If you meet any of the following criteria, bankruptcy may be your best course of action, because it can eliminate or restructure your debt so that you are not continuously falling behind on payments and struggling to pay your other expenses in the process.
- Your debt is compounding due to past-due fees and increasing interest.
- You have been threatened with repossession, foreclosure, liens, or wage garnishment.
- You have recently suffered a change in your financial situation that has made you unable to pay your bills, such as loss of employment or death of a primary earner in your household.
- Your debt is primarily due to unsecured sources of debt, such as credit cards or medical bills.
What Will Happen to Your Credit After You File?
People commonly worry that their credit will be irreparably damaged after filing bankruptcy, but the opposite is true. If you are unable to pay debts, you will face extreme legal consequences and have difficulty ever restoring a comfortable financial situation. Following bankruptcy, you are essentially given a clean slate—or at least much more manageable payments—so you can start taking steps to positively impact your credit. Within just a few years, you may be back within a healthy credit score range, and you may be able to secure a mortgage or other type of loan even sooner than that.