While it is true that bankruptcy is not the best course of action for everyone, it is often the quickest and most substantial source of relief for a family or business saddled with a wholly unmanageable debt load. Financial stresses can lead to ill physical health and can compromise one’s emotional wellbeing, leading to the unintentional destruction of interpersonal and business relationships. Filing for bankruptcy can put all of your debts and any collection efforts on hold temporarily, and for many classes of debt it can excuse the debt altogether.
This can provide you with a window of time to recover and repair your financial situation so that you can conquer the debts that remain and avoid the errors that landed you in such a tough spot the first time around. You should remain aware of the following common misconceptions about bankruptcy so that they do not prevent you from gaining back your financial independence:
* You will lose your ability to gain credit — though your credit score will suffer for several years, the erasure of debts from the books can still make you an appealing client for many credit card offers.
* Doctor and other medical bills cannot be discharged — although there are some kinds of debt that are not dischargeable, medical bills have no such security, generally speaking, and may be discharged.
* All of your belongings will be seized and sold — the federal and state bankruptcy laws provide generous exemptions that permit bankruptcy filers to retain many of their possessions, and in the vast majority of cases they are not forced to surrender anything.
The firm of Zalutsky & Pinski LTD has 50 years of experience helping people just like you deal with all these things. Their lawyers offer you a free consultation in our eight convenient offices in the greater Chicago area and bankruptcy attorneys chicago. They can come up with a specialized solution to your financial problems. They consider bankruptcy a solution, including chicago bankruptcy attorneys services, not an additional problem. Call them at 1-800-BANKRUPT today for an appointment. You will be happy you did.