When debt gets out of control, there are few solutions available to help get you out of the problem. You could consolidate your debt into one loan with one payment, or you can try to negotiate your debt down and pay it off at once. However, you need a decent credit rating for the former, and your negotiating skills have to be very good for the former. If you don’t have either, you’re stuck with your debt unless you decide to file a Chapter 7 Bankruptcy in Warrenville and take care of all of the debt at once.
Just about any type of debt can be discharged in bankruptcy. This includes medical, credit card, mortgage, car loan, even income taxes. Debts that are court ordered, such as alimony, child support or a jury award, can not be eliminated in bankruptcy. However, if you do have court ordered payments along with a heavy consumer debt load, you can still benefit from bankruptcy. Zeroing out all of your consumer debt leaves you with a lot more money in your pocket, allowing you to more easily handle what debt that remains.
If you decide to file a Chapter 7 Bankruptcy in Warrenville, the first thing to do is to talk to a chapter 7 bankruptcy attorney about everything that is involved. Bankruptcy is a major life change, and you need to be aware of just what is going to happen when you file. Being prepared for what is to come helps you with the realities of the process once the petition is filed.
Bankruptcy, while having negative connotations, is not necessarily the worst thing you can undertake to clear your debt. It stops the bleeding much more quickly than had you tried to settle it through other means. Yes, it does sink your credit rating, but your rating improves over time as you take on new, more reasonable debt and pay it off. Your financial situation recovers more quickly after a bankruptcy is completed, allowing you to move on with your life. It’s a fresh start, one that enables you to learn from your mistakes while you move forward after the discharge. For more information visit Chicago Debt Solutions. You can follow them on Google+.
