Find Out What You Need to Know From Bankruptcy Attorneys in Chicago

Author: David P. Leibowitz

Bankruptcy Attorneys in Chicago

When you have a consultation with bankruptcy attorneys in Chicago, one of the things that you are going to be determining is whether bankruptcy is really the right choice for you. The bankruptcy attorneys in Chicago do not want anyone to go through the process that has other options available. Dealing with your debts and issues through other means, could be a better option, and your attorney is going to let you know if that is the case in your situation. However, many people will find that filing for bankruptcy really is the best option they have available.

What to Expect When Filing for Bankruptcy

Your bankruptcy attorneys in Chicago are going to make sure that you know what you should expect when you are filing for bankruptcy. During the consultation, and as they proceed with the case, they will tell you everything that you need to know about Chapter 7 bankruptcy, as well as Chapter 11 and Chapter 13 if one of those seems like a better choice.

Once you file for Chapter 7, which is one of the most common options, you will not have to worry about creditor calls and harassment any longer. You are on your way to clearing your debt, but that's only the start. Your bankruptcy attorneys in Chicago will let you know about the assets that you will be able to keep and the ones that you might have to liquidate to help pay some of your debt.

Things to Consider Before You File

According to some bankruptcy attorneys in Chicago, some people who are thinking about filing see it as a time to have a field day with their credit cards, one last hurrah. This is unfortunate and it is a bad idea. The bankruptcy attorneys in Chicago say that you should not add any additional debt in the 90 days leading up to your decision to file. If you do, then you will probably not be able to discharge this debt, as the courts will see it as fraudulent. They will assume that you knew that you were going to file and that you are trying to take advantage of the system. Bankruptcy attorneys in Chicago suggest that you do not take out any cash advances from a single creditor within 70 days of filing either.

Bankruptcy attorneys in Chicago also want to let you know that you should not transfer any property while you are thinking about filing for less than the actual value of the property. They could consider it a fraudulent transfer. If you owe money to family members, the bankruptcy attorneys in Chicago say that you should stop paying them for about a year before you file.

As you can see, you have quite a few things that you have to consider when you are filing for bankruptcy. Find the best bankruptcy attorneys in Chicago to help you understand all of the intricacies when you are trying to determine if filing is the best option for you.
Article Source: http://www.articlesbase.com/bankruptcy-articles/find-out-what-you-need-to-know-from-bankruptcy-attorneys-in-chicago-6220149.html
About the Author
Loopbankruptcy.com is best firm of bankruptcy attorneys in Chicago, which work for debt settlement or debt relief. Call 866.525.3529 for a free consultation with a bankruptcy lawyer chicago at Lakelaw - Loop Bankruptcy in Chicago, Illinois.

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