Waukegan Bankruptcy Lawyer Discusses Chapter 7 Relief

One of the questions that I’m often asked as a Chapter 7 bankruptcy attorney is do you think that I should file for bankruptcy relief?  Filing for bankruptcy is a personal question that really can only be answered by you.  I, as your attorney, can provide advice on whether I think it’s a good idea to file or not but, ultimately, the decision is yours.  

The best advice I can give is this.  If you feel that you can repay your debt over the next six months, then I would recommend that you do not file for bankruptcy and that you do try to repay your debts over time.  If, on the other hand, if you feel that, after a six month period of trying to repay your debts that you simply will be struggling and you will still have a huge debt to pay off, then I would recommend filing a Chapter 7 bankruptcy. 

Chapter 7 bankruptcy is the relief that is provided to people who have very little in the way of assets and a lot in terms of unsecured debt.  Unsecured debt includes medical bills, credit card bills, personal loans, auto repossession deficiencies and other debts for different types of services.  If you are struggling with these types of debts and you don’t have a lot of equity in either a house or a vehicle, then Chapter 7 might provide the relief that you’re looking for to get a fresh start.  

If you are someone who is being sued, if you are someone who is being called day and night by bill collectors, if you are having your wages currently garnished, then life can be really tough at that point.  If you can eliminate that type of stress from your life and eliminate the garnishments, the lawsuits and the collection efforts, then it might just be your best bet to do a Chapter 7 and get that fresh start.