For some time now, the household finances have been almost impossible to manage. With a recent job loss or a cut in pay, the ability to maintain that precarious balance is now gone. Something must be done to deal with the debt; the question is what solution is the best approach? One way to get some answers is to schedule a consultation with a Bankruptcy Lawyer in Berwyn IL.
Assessing the Merits of the Situation
Before meeting with the Bankruptcy Lawyer in Berwyn IL, gather all documents that have to do with the current state of finances. This includes the balances found on all current accounts, plus information about any income that the household is generating. It is important to provide details about every obligation, along with every asset that the client currently possesses. The lawyer can only provide advice based on the information that is provided. The goal is to determine if the client meets the basic requirements for some form of bankruptcy protection. Depending on the severity of the situation, the client could possibly qualify for both forms of personal bankruptcy currently allowed by the state.
Weighing the Pros and Cons of Each Options
Assuming the client does meet the qualifications for Chapter 7 and Chapter 13 bankruptcy actions, the lawyer can help the client understand the differences between each option. Since the goal is to alleviate financial hardship in a manner that is in the best interests of the client, one approach may be better than the other. For example, the weight of the debt may be so severe that seeking to dismiss the debts is the only real solution. At other times, repaying the debt while under the protection of the court may be workable, even with that reduced salary or wages. Keep in mind that there is no one solution that is right for every situation.
Contact Schottler and Associates today and schedule a consultation with a bankruptcy lawyer. In a short amount of time, the right solution will be identified, and the lawyer can take care of preparing the paperwork needed to start the client on the way to a fresh financial start.
