Many people are in a situation in which they have debt that they cannot pay. Sometimes, it is medical bills which have accrued over a number of years. Other times, it is bills that have accumulated due to the loss of a job. Maybe the household has fallen behind on the mortgage payment and now it doesn’t look like the family will be able to stay. If these are things that sound familiar, it is advantageous to set up a free consultation appointment with bankruptcy lawyers.
A lawyer is always happy to sit down and talk about the type of debt that you have, which will determine the type of bankruptcy that is filed. If there are assets that you are hoping to keep, a chapter 13 bankruptcy is going to be a good choice. However, if the debt was accrued with nothing to show for it, a chapter 7 bankruptcy in Rockford, IL is probably the best choice.
If you can pay back some of the debt, chapter 13 will be filed. As long as monthly payments are mailed to the bankruptcy court on time each month, you should be able to keep some assets. However, if a payment is not made, there is a good chance that the things on the bankruptcy will be removed from your possession.
This can be a confusing subject especially when there isn’t a lot of experience, which is why it is beneficial to visit the website for Hampilos & Associates, Ltd.. A professional will answer any questions and help you get started with this process. A large amount of stress will be lifted from your shoulders after you contact bankruptcy lawyers.
Take the first step today and find out what needs to be done to get started with this process. If a wage garnishment is already in place, it’s not too late to turn things around. A lawyer is going to be there by your side to make sure that everything falls into place. After the bankruptcy has been discharged, you are free to move on and work on rebuilding a decent credit score.
