Morton Grove Bankruptcy Lawyer
When you begin to fall behind on payments for your credit card, mortgage, or auto loan, you may struggle to get back on top of your payment schedule, because you will have accumulating interest and late fees to pay as well. It may not take long before you are facing foreclosure, repossession, or lawsuits due to late payments, and you may need to contact a Morton Grove bankruptcy lawyer to learn what you can do. Many people have the misconception that bankruptcy is a last-ditch effort to get out of debt, but it is actually a proactive and beneficial solution for individuals facing more debt than they can feasibly afford to pay without debt relief. Plus, once you file bankruptcy and follow your plan for repayment—if applicable—you may be surprised by how much your credit improves over a short period of time.
What You Can Expect When Filing Bankruptcy
Bankruptcy options include chapter 7 and chapter 13. Both are unique, but they each offer similar benefits in stopping calls from creditors, providing a fresh start in your finances, and reducing debt while stopping the accumulation of further late fees and interest. With chapter 7 bankruptcy, debt will be partially or completely eliminated so you will no longer have to make payments on unsecured debts, such as credit card payments. Chapter 13 bankruptcy is a restructuring of debt that will allow you to make consistent payments at a more affordable rate. With both choices, you will have options when it comes to the property and retirement funds you can keep and which will be used to pay creditors. Bankruptcy is intended as a means of restoring financial freedom rather than continuing to live under the burden of debt, but it is still important to have an attorney working with you and representing your best interests.
Why You Should Not Wait to Talk to a Lawyer
When you are being threatened with a lawsuit or foreclosure, time is not on your side, so you should talk to a lawyer as soon as possible. Plus, working with a lawyer can stop those harassing calls from debt collectors right away, allowing you to focus on the ways you can improve your financial situation instead of trying to hide from it.