If you or someone that you know is struggling financially, it’s comforting to know that there is help available through a Chicago bankruptcy lawyer.  There is no reason to go it alone.  Although there are literally hundreds of attorneys that will claim to help you, make sure that you are dealing with an authority on bankruptcy law.  For example, has the attorney been practicing for a number of years?  Has the attorney published any articles or information on the topic?  Has the attorney been featured in any local newspapers or television programs?  Basically, try to ascertain whether or not the attorney is versed in bankruptcy law.  If not, I would suggest that you continue to seek the right attorney.

The next step is to consider the bankruptcy advice that is being given to you.  You may be told that a Chapter 7 bankruptcy case is the most appropriate.  Another attorney may be pushing you toward filing a Chapter 13 bankruptcy case.  You have to do your homework and explore the benefits and detriments of each option.  For example, if you are trying to save a home that’s in foreclosure, Chapter 13 is truly the only bankruptcy option to keep the home.  If you are willing to let the home revert back to the lender, then Chapter 7 is more likely the better option.  Often, a case can be molded in either direction depending upon the wishes of the debtor.

Keep in mind that there are alternatives to bankruptcy as well.  You may be able to negotiate settlements with creditors.  However, you must a lump sum ready to deposit if you are looking to reduce the balance significantly.  Some creditors will be willing to take monthly payments; however, you are not likely to see a drop in the overall balance due.  With interest and late fees accruing, you may be getting nowhere despite making payments for months or years.  Is the creditor going to pursue legal remedies or will they fade away?  These are some of the options that need to be considered.

If you decide that it is best to claim bankruptcy, you should gather all of your bills, statements, collection letters, etc. and make an appointment with a local bankruptcy attorney.  Please note that some attorneys are charging for the initial consultation.  You should avoid those law firms as many will give you a first consultation without charge.  Why should an attorney make you pay when you are simply seeking information?  You have not yet decided to file.  I never charge for the first consultation.  I want to provide all kinds of great information and then let the potential client decide whether or not to hire my law firm.