There is no universal answer to this question, which is why The Bentz Law Firm takes an  individualized approach with each client. In some circumstances bankruptcy may be the only option while, in others, a non-bankruptcy approach may be less expensive and viewed favorably by creditors. Contact a Bentz Law Firm Illinois bankruptcy attorney to schedule a free consultation to see whether bankruptcy is your best solution.

Alternatives to filing for bankruptcy essentially include a combination of services such as working with creditors to reduce interest rates and payments, and pursuing some form of debt consolidation. Each individual case is different. Contact us today for a free consultation so that we can determine if bankruptcy is the best fit for your situation.

Technically you are not required to hire an attorney in order to file for bankruptcy. However, changes regarding Chapter 7 Bankruptcy filings brought on by the October 2005 Bankruptcy Code made the process undeniably more difficult for individuals to liquidate debts. Under the guidance of an experienced attorney you will undoubtedly obtain far better results. You will also be ridding yourself of the stress involved in taking on such a process without professional help.

Chapter 13 Bankruptcy filings are an involved process. This type of filing requires great attention to detail in drafting an acceptable plan, negotiating with creditors, and dealing with the Chapter 13 Trustee’s office. Furthermore, if you have filed a Chapter 13 Bankruptcy with the intent of maintaining your home or other valuable assets, it’s a very bad idea to risk these assets by attempting self-representation. You may initially feel that you’ve saved some money, but a simple mistake can cost you hundreds of thousands of dollars down the road. It’s essential that you retain professional representation to ensure a successful Chapter 13 Bankruptcy filing result.

If you are truly a candidate for bankruptcy you will be less of a risk to creditors after filing than you were before. A Chapter 7 bankrutpcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 yeas also, but it is customary for those to be removed after 7 years. Surprisingly, a bankruptcy can actually improve your credit score since, like the large majority of consumers, you have most likely been faced with late payments, high credit balances, and collection companies. After filing, you may experience an increase in your credit score and help your long term score since filing wipes away the record of late payments and unpaid bills.

Simply put, no. Although certain unsecured debts such as credit cards, medical bills, car repossessions, and foreclosure judgments can be erased or discharged, there are specific unsecured debts which cannot be discharged. This is why it’s so important for bankruptcy candidates to consult with a professional bankruptcy attorney and determine what is in their best interest.