Individuals who are struggling to pay off debt have difficult decisions to make on a daily basis. If you do not earn enough income to pay off your debt and continue to pay your rent or mortgage on top of other bills and expenses, chances are you have to learn to go without luxuries, and maybe even necessities. Filing for a Chapter 7 or Chapter 13 bankruptcy may allow you to regain control of your finances and your life. However, it is not a decision that should be made lightly, and there are many aspects to consider. Lets run through some pros and cons of filing a personal bankruptcy:
- Will provide virtually instant debt relief
- Will end intrusive phone calls and creditor harassment
- Provide you with time and the ability to reorganize and pay back the debt you are able to
- You take a hit on your credit-the bankruptcy will remain on your credit history for 10 years
- You will have difficulty getting a loan until you are able to re-establish your credit
- Many employers run a credit check on prospective employees they interview
Individuals should take all these points into consideration when deciding whether or not to file, bu the first step is to contact an experienced bankruptcy attorney to discuss your options, every case is different. Please contact our office for a free consultation.
Benjamin Brand Services- Chicago bankruptcy lawyer .