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There are many people in this country who struggle with some kind of debt, from credit cards, student loans, medical expenses, mortgages, car loans, and other financial obligations. Often the only way to get back on solid financial footing is to seek the assistance of a Chapter 13 bankruptcy lawyer in Bloomington Illinois to file for bankruptcy.
How do people get caught in overwhelming financial debt and how can you avoid falling into it after bankruptcy to ensure you don’t end up back in the same place? A Bloomington IL Chapter 13 bankruptcy lawyer from Pioletti & Pioletti offers these tips:
If you are struggling financially and are considering filing for bankruptcy, but are unsure if this is the right direction for you, there are several questions you can ask yourself to help determine the direction you should go in.
One of the first questions you should ask yourself is where exactly do you stand financially. Write down everything that you owe, as well as what the monthly payments are for each bill. Then write down what you can honestly afford as a monthly payment for each of these debts. It’s also important to include what your monthly living expenses each month also. Items like rent or mortgage payments, food, childcare expenses, utilities, and other necessary living expenses.
Once you have figured out where you are financially, it is also important to ask yourself where you are emotionally and how your debt is affecting you. Are you having trouble sleeping or eating? Is your marriage suffering because you and your spouse are fighting over finances a lot? Stress and worry can also affect our physical health as well as our emotional health.
It does take time to rebuild your credit after bankruptcy and there are future plans you may have to put on hold until your credit is in better shape. Ask yourself if you see realistic prospects in the foreseeable future that will get you out of the financial hole you are currently in? Which will take longer to repair your credit – a couple of years of rebuilding after bankruptcy or continuing to pay your bills the way you are now?
Speak with a Bloomington IL Chapter 13 Bankruptcy Lawyer
One of the most informed people who can answer your questions about whether or not bankruptcy is a solution to your financial situation is an experienced Chapter 13 bankruptcy lawyer Bloomington IL from Pioletti & Pioletti. The attorney will go over all your options, including the two different types of bankruptcy there are, and which one might be right for you.
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