Why Hire a Bankruptcy Attorney in Chicago for Filing Chapter 7?

Many consumers who cannot afford the minimum monthly payments on their credit cards and other loans wonder if it is the right decision to file for chapter 7. They also wonder whether or not it is a good idea to hire a bankruptcy attorney in Chicago. First of all, there are circumstances when it makes a lot of sense to file for bankruptcy. For example, if a borrower loses a high paying job that is never going to return, then it may never be possible to be able to afford the minimum monthly debt payments. That means it will be impossible to pay off the debt. That is the type of circumstance when it it is worthwhile to file for chapter 7. If repaying the debt doesn’t seem realistic, a chapter 7 bankruptcy filing may be the right decision to make.

After bankruptcy reforms took effect in 2005, it became much more difficult and involved to file for chapter 7. Because of that, practically everyone needs a bankruptcy attorney in Chicago to successfully file. First of all, there are some requirements that debtors need to meet such as income and assets. The bankruptcy lawyer will need to make sure that clients qualify. The attorney will also make sure that a bankruptcy makes sense. In addition, there is a lot of paperwork that has to be submitted properly. A bad outcome is when missing or incorrect paperwork is detected by the judge during the bankruptcy hearing. That is why just about everyone will need the help of a lawyer.

If the consumer decides now is the time to file for chapter 7 bankruptcy, the first thing to do is to contact a bankruptcy lawyer for an initial consultation. The initial consultation is almost always free with no obligation. During the initial consultation, the bankruptcy lawyer can quickly look at the consumer’s financial circumstances to figure out if he or she qualifies for a chapter 7 bankruptcy. The fees for the lawyer will be discussed as well. After the potential client gets all of the information, he or she can go home and decide whether or not to proceed with the chapter 7 filing using that specific lawyer.

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