A Bankruptcy Attorney in Chicago Holds the Answers

A recent report by the US Courts shows that, while bankruptcy filings have been dropping steadily in some states, those in various Illinois areas have actually been inching higher. In these still trying economical times, knowing that there is a bankruptcy attorney in Chicago that you know and trust may become a very important factor. The legal team at Loop Bankruptcy enjoys a stellar reputation that comes from hard work, strict attention to detail, solid relationships with the court system, and an unwavering commitment to good customer service.

On the Outside Looking In

Very often, the people closest to a situation are the easiest to fool. It’s not that they can’t see the problem, far from it in fact. It’s more along the lines of simply not wanting to look and a misguided, urgent need to wish for its evaporation if not acknowledged. This is especially true if the problem hinges on financial concerns which traditionally hold the stigma of disapproval. Admitting that money is messed up, quite possibly permanently, is enough to move even the most hardened individual to the brink of tears.

A great many individuals who seek out a bankruptcy attorney in Chicago were talked into doing so by a friend. This person was more than likely an outsider, someone on the fringes who just happened to have a ringside seat with regard to the financial dealings, and noticed that things weren’t going as well as planned. The detachment was what also allowed him/her to be able to make the unemotional judgment that the services of a professional bankruptcy attorney in Chicago were desperately needed and to actively impress upon the person to seek help.

Knowing the Facts

Knowledge is power. That’s why much of Loop Bankruptcy’s most successful advertising comes from simple conversations passed between friends. Whether the person actually used a Loop Bankruptcy attorney in Chicago or simply heard of their spectacular track record, the fact that he/she thinks enough of the agency to pass on that good rating speaks volumes. And, for the person receiving the advice, the fact that the friend is able to not only point out the problem with sensitivity, but also willing to offer up a real solution, makes for eternal gratefulness.

It truly pays to keep the name of Loop Bankruptcy in mind. While statistics show that the average person may never have to use their services, the odds are even better that he/she will know someone that will. No one ever expects financial issues to go wrong but, if they do, having the name of a reliable bankruptcy attorney in Chicago can make the difference between failing on all counts, or regrouping, restructuring and coming out on the other end better, stronger and able to take anything that the future may hold. So be a true friend and pass on the best financial advice that you may ever have to Bankruptcy.

Bankruptcy Alternatives in Canada

When you can’t pay your bills

If you can’t pay your bills, you are not alone. Almost everyone reaches this point at one time or another. Like most of them, you may think the only way out in Canada is bankruptcy.

Alternatives are available, and this page outlines your options for you.

Non-payment is a non-option!

You may feel so overwhelmed enough that you just try to carry on without paying. This will only make matters worse:

Your best bet to make things better is to act immediately. Let us help you choose your best solution.

But I can’t pay my bills! Do I have any alternatives?

Yes! The good news is that, of several bankruptcy alternatives in Canada, at least one would probably be right for you. Imagine stopping those harassing calls and letters!

Here are your main options, in order of priority:

Learn better money management

Create a budget, by listing all your monthly income and expenses. Analyze it to see if you can raise your income or lower your expenses. Use all the cash you free up to repay your debts.

Realize that a lot of what you are buying is not necessary. Don’t waste your money by giving in to impulse buying. Get rid of most of your credit cards as soon as you can pay them off.

Also, rebuild your credit rating, to get necessary credit more easily and at lower interest rates.

You can get free help with budgeting and other money management skills, from a professional credit counsellor.

Get a Debt Consolidation loan

Replace your unsecured debts with a single debt consolidation loan, with one monthly payment, a lower interest rate, and possibly a longer payment period. If, like most people, you have much of your unsecured debt in high interest credit cards, the lower interest cost will make it much easier to get back in the black.

See a credit counsellor and consider a Debt Management Plan

A credit counsellor can help you build money management skills, and may negotiate with your creditors to set up a debt management plan, with a single monthly payment and lower interest costs, spread over up to four years.

Personal Bankruptcy – Why You Should Not File

Are you experiencing a lot more debt and overdue credit card bills than you can possibly handle? Within the economic environment nowadays, you are absolutely not on your own in that boat and you may perhaps be imagining that filing personal bankruptcy might be the only manner to be able to see the light of day once again. A good number of folks think this way when their feelings are clouded by the piles of bills and the constant barrage of telephone calls from creditors, each appearing more sinister than the last almost certainly by no means considered yourself as the type of man or women that would ever have to file personal bankruptcy, but the current world is vastly different than what anyone might have thought it to be, even as recently as 5 to 15 years ago. Even with the changes in the bankruptcy laws which allow it to be a lot more tricky to file bankruptcy, people are still filing in great most important issue here is that the vast bulk of folks usually do not fully grasp the financial framework well enough to realize that bankruptcy is more than likely the last option to consider, and the truth is for a lot of individuals, that option doesn’t need to be utilized. There are quite a few bankruptcy alternatives and options that will need to be looked into and completely checked out first before taking such a drastic start with, let’s consider a number of of the realities of what happens when you declare bankruptcy because many folks have a drastically incorrect concept of it and how “simple” it is, when simple isn’t going to even be a part of it. For a personal bankruptcy, there are two chapters that could be applied, which are identified as Chapter 7 and Chapter 13. With Chapter 7, your debts are wiped out, basically plain erased and you get to start over. With Chapter 13, your debts are reorganized and set up into payments that you can manage on your income, generally with the stipulation that the credit card debt be paid off in 3 to 5 so who in their right mind would not pick Chapter 7? That is certainly where the problem comes in — it’s not your decision. The courts go over your financial condition with a fine tooth comb, going incredibly in-depth and considering each little thing, both income and obligations. Then the Judge, not you, would make the final decision regarding which chapter you could you investigated debt consolidation? We’re not talking a LOAN right here but talking about a debt consolidation PROGRAM, which is substantially less difficult on both you and your credit ranking when compared to bankruptcy. Or have you thought of a loan so that you can bring your debts current or quite possibly pay them off, where you would only have to pay ONE interest rate rather than a lot of them? The bucks you could save in interest on it’s own tends to make this option look appealing for quite a if you decide that personal bankruptcy is indeed your best alternative, then do yourself a favor and have a bankruptcy evaluation, which is free. This evaluation which is done by experienced lawyers will analyze your financial situation and inform you what to anticipate if you choose to move ahead with the bankruptcy filing. Along with the new laws, the judge even has the power and the legal right to disapprove your application to file, and wouldn’t it be excellent to know that in advance so that you can make strategies to do something else?Do not allow yourself to imagine that filing bankruptcy is going to remedy all of your issues. It might resolve some but you should recognize what you are getting yourself into, but easing that discomfort today might potentially trigger even more pain in the future if you don’t perform it in the right way and with your eyes open.

Whether to File for Chapter 7 Bankruptcy

At Sulaiman Law and Associates, foreclosure attorney Ahmad Sulaiman devotes his time to educating his clients on all their options, from short sales to filing for bankruptcy. The latter option, however, is one that Sulaiman prefers his clients tread into lightly, as the perceived notion of bankruptcy and the reality of what it really means can sometimes be two different things.

For most people, bankruptcy should be the last option instead of the only choice. In my professional opinion, it is usually not the best option for our clients under the current law, especially for those who were victims of predatory lending practices.

Chapter 7 Bankruptcy

Chapter 7 is ideal for people who owe a large amount of unsecured debt, such as credit cards, medical bills, utility bills and unsecured loans without a lot of assets. Different from filing for Chapter 13, which is a reorganization tactic, Chapter 7 bankruptcy is full liquidation of all your debts. It’s like winning the lottery, as all the debts that you can’t pay are essentially erased. But the chances of Chapter 7 bankruptcy unfolding perfectly are about as likely as winning the lottery.

When to Choose Chapter 7

When it comes to a solution for fighting foreclosure, Chapter 7 is a better option than filing for Chapter 13 if you aren’t making any money. But you can still afford your home through things such as savings accounts or inheritance. The law allows you to keep your property such as a home, car, or clothing that meet certain standards. These are referred to as exemptions, and the bankruptcy trustee (who handles the logistics of your case) may sell any assets that do not meet these standards to settle your debt. Most people file Chapter 7 bankruptcy because they don’t have any assets above those limits, but they have medical bills, utility bills, and credit card balances that they cannot pay off.

Any individual is eligible for Chapter 7 as long as he or she is not barred by law from doing so. Under certain circumstances, however, some debts may not be discharged, and some people may not be able to receive a general discharge. A full review of your file will determine if this is good option for you.

It is also important to remember that you can file for bankruptcy at any time before the foreclosure sale of your home. With that in mind, it is probably beneficial for you to weigh the advantages of using other types of loss mitigation strategies before you choose to file.

This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Neither publication of this article nor your receipt of this article create an attorney-client relationship.