Everything that you’ve tried to bring your debt under control has met with no more than limited success. Creditors are getting restless, and you have no way to satisfy them. Now is the time to consult with local bankruptcy lawyers in Rockford, IL, and consider your options. Here are three key things that those lawyers can tell you.
First, a bankruptcy lawyer can look over your affairs and determine if you’re a candidate for personal bankruptcy. This begins by applying what’s known as a means test. The test helps to determine your basic qualifications for this solution. If you pass the test, then the discussion can continue.
Next, the lawyer will look closely at the type of debt you have at present. That’s because certain kinds of debt cannot be included in a Chapter 7 bankruptcy except under a narrow range of circumstances. In the event that you have debt that cannot be handled with a Chapter 7 action, the lawyer is likely to steer you in the direction of a Chapter 13 bankruptcy.
Last, you can expect bankruptcy lawyers in Rockford, IL, to go over everything that you need to do in order to comply with the court’s requirements. This often includes surrendering all your credit cards, even the ones with zero balances. You will also be required to take and complete financial management classes approved by the court.
While bankruptcy is not something you ever thought would be necessary, know that your lawyer has your best interests in mind. With his or her help, you will soon see a way to move forward and enjoy a fresh start.
For more information, please contact the Crosby Law Firm today.
