Chicago Bankruptcy Attorney Helping You Secure Your Future
Filing for bankruptcy is a tough decision to make. I know, I had to do it during the recession when I lost everything in a real estate venture. I was flat broke, homeless for a while, and still working 6 days a week to save the doomed project. I did everything I could to get by but eventually, it all caught up with me.
I resisted filing for almost 2 years. To me it seemed like the end of the world, a badge of failure that would follow me for the rest of my life. Unfortunately for me then, I didn’t really understand and I didn’t make my usual effort to learn more about an option. I jumped to a conclusion based on myths and misinformation.
But after about a year and a half, I had no choice but to look into bankruptcy. I was lucky, I knew an attorney who did work but it wasn’t the only type of law she practiced. I knew I could trust her advice and she would let me know if there were other options.
She helped me come to the conclusion that bankruptcy was the best option and I’m glad she did. I was able to wipe out my debt, got married, received my law degree, had a son, and got my credit score from Poor to Excellent. And I happened to sue some debt collectors along the way.
It isn’t for everyone, I’ll be the first to tell anyone that, and it’s usually not the only option. A lot of what we do here is trying to keep people out of bankruptcy.
But when it is the best option, we don’t just want to get them through bankruptcy and leave them on the courthouse steps. We help them get back on their feet. It is only the first step.
The Secret to a Successful Bankruptcy (Hint, It’s Not Just Bankruptcy)
I learned that the key to a successful bankruptcy is not just getting rid of debt, but to also increase credit scores. Without a very good credit score you’ll be stuck in the endless cycle of paying high credit card rates, sky high-interest rates, not qualifying for loans or mortgages, paying more for insurance, being denied an housing, and more.
Only after you eliminate your debt and raise your credit score can you start enjoying the financial benefits of access to low rate loans, saving for retirement, the chance to be approved for loans, and all the other benefits of a good credit score. It allows you to get rid of your debt and refocus your assets toward other obligations that can raise your credit score, and we’ll help you get there.
2 Types of Consumer Bankruptcy
There are 2 types of bankruptcy available to consumers, Chapter 7 and Chapter 13.
Chapter 7 bankruptcy is quick and most people are able to keep their assets if they qualify. Click below for more information.
Chapter 13 bankruptcy is a repayment plan for 3 to 5 years and can help people when they want to keep assets, such as a home.
Click below to find out more about each type: