Nov 18, 2014

Posted by Shanell Calloway in Uncategorized | Comments Off on Filing for Bankruptcy is a Federal Right that Provides Financial Relief

Filing for Bankruptcy is a Federal Right that Provides Financial Relief

There are certain circumstances and situations that arise in life that can sometimes lead to financial hardship of disbelief. For many people, this means or could lead to a diminished quality of life, financial downfall, loss of homes, autos and even more personal possessions. There are times especially in the changing economy, when work becomes inconsistent and paying for the mere necessities of life is virtually impossible. This isn’t anything new and in fact, it’s so common that the United States Constitution, grants individuals the right to file bankruptcy. This is a provision that helps those individuals facing financial hardships to recover by resolving their financial difficulties and begin to restore their credit to a healthy state.

Proper Action

The decision to file for bankruptcy is one that many Lake Forest residents and business owners spend a great deal of time pondering. This is not a subject to be taken lightly but when assessed appropriately, it can provide a platform of benefits. There is a correct process of action to be taken to initiate and see the process thorough in order to experience a positive outcome. The action to file will result in an automatic stay, which will prevent the creditors from moving forward with collection activity to collect their debts. This includes the threatening phone calls, consistent letters, lawsuits and any other means of collection activity possible. In many cases, there is the option to discharge repayment obligations on those debts that are rechargeable. The overall importance of the matter is that there is relief once action is taken.

The Decision

There is a great deal of thought to be given prior to filing for bankruptcy but most importantly, it’s essential to understand that each case is individual. In order to arrive at a reasonable decision to file, a bankruptcy attorney should be consulted. This person can answer any questions involving the current financial status and how filing could improve or effect it. There are many factors to be weighed into the entire process and much knowledge is required in regards to the terms of bankruptcy and how it can help financially. The attorney works diligently to help ensure that the client’s rights and property are protected under the bankruptcy provisions. The overall goal is to approach and complete the process correctly in order to enjoy the benefits that follow filing.

Clients can File Bankruptcy Lake Forest with the help of legal professionals. Chicago Debt Solutions values sound financial advice through quality consultation.

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