Kenilworth Bankruptcy Lawyer

The decision to file bankruptcy could be a soul searching experience.  It’s not an easy process in the least, and finding the right Kenilworth bankruptcy lawyer is essential for an Illinois bankruptcy.  Most people make the decision to file bankruptcy after getting seriously in to debt.  That debt could be caused by large medical bills, bad financial planning or decisions, divorce, or some other life changing event.


People start realizing they need to claim bankruptcy when they start getting harassing calls from bill collectors.  These collectors call several times a day, at work or at home, or even try calling family members looking for the debtor.  And, once they do find them, some collectors try using scare tactics or ask for unreasonable terms in order to pay down the debt as quickly as possible.  This could cause other health or financial issues for the debtor, who begins to feel trapped as if having no way out.  They begin to feel like their life is beginning to head towards a downward spiral.


So, what could a debtor do?  Most think of bankruptcy as a last resort, for fear it would destroy their financial future.  They try using any other means possible to avoid bankruptcy, all the while causing further damage to their financial health.  In the end, people who have filed bankruptcy discover that filing, along with good financial discipline, is the best option for eliminating their debt and returning to financial health.


Some people fall for the illusion of debt consolidation by using a third party debt consolidation company.  These companies don’t have the weight of bankruptcy and usually aren’t that successful with helping debtors out of any measurable debt.  A creditor isn’t required to accept the terms offered by the consolidation company.  Further, after the consolidation company takes out their portion of the payment, the amount paid towards the creditors isn’t enough to make any meaningful payment.  After working with a consolidation company, most people are still in debt, and must then figure out other ways to pay off their debt, all the while being charged interest on the debt that wasn’t paid or consolidated.  Often times, the alternatives to bankruptcy just don’t make sense.


Other people make the mistake of taking money out of their 401k in order to pay down debt.  They take their hard earned money, which they saved for retirement, and use it to pay off their credit cards, auto loan, medical bills, and other debt.  But, afterwards, what they discover is they’ve just thrown good money into bad.  Further, they no longer have the financial safety net they had for retirement, so they must work longer in order to make ends meet.  This mistake could have been avoided if they would have hired a Chapter 7 bankruptcy attorney.


Posted in Illinois Bankruptcy |