Mt. Prospect Bankruptcy Lawyer
Are you receiving late payment notices, calls from debt collectors, or the threat of a lawsuit to recover past-due credit card or loan payments? Have you gotten a notice of foreclosure on your home? Is wage garnishment or repossession on the table? If the answer to any of these questions is yes, it is time to seek legal help from a bankruptcy attorney in Mt. Prospect. At Cutler & Associates, Ltd., we focus solely on debt relief and bankruptcy proceedings, so we have the expertise and finely-tuned approach needed to help you eliminate your debt. With early enough intervention, you may not need to file bankruptcy. If you do, we will be able to walk you through the complex process to help you manage your debt and create a clearer path to your financial recovery.
What Bankruptcy Can Accomplish
Though filing bankruptcy will cause your credit to take a hit, it has the potential to help restore your credit history by making your existing debt more manageable—or even non-existent. In addition, bankruptcy can help in preventing foreclosure, wage garnishment, and repossession of your property. There are different types of bankruptcy that individuals may file, and each can offer the benefits described above, though they do so in different ways.
- Chapter 7 – Also known as liquidation bankruptcy, chapter 7 involves eliminating unsecured debt so that no future payments are due.
- Chapter 13 – With chapter 13, you will still be responsible for paying off debts, but you will likely owe a sum that’s just a fraction of your original debt. You will also work out a payment plan that is affordable for your monthly income and living expenses.
Why You Need a Debt Relief Lawyer
You will not want to make the mistake of thinking that you can deal with creditors on your own. Even if filing bankruptcy is not right for your current situation, you may benefit from having a lawyer represent you in the debt negotiation process, because creditors can be extremely predatory. When bankruptcy is your best option, it is ideal to have an attorney represent you. Bankruptcy is complicated, and the outcomes can vary dramatically, so you need an attorney who will keep your priorities in mind.