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Bach Is Your Financial Future.
555 Skokie Blvd Suite 250, Northbrook, IL 60062
PO Box 1285, Northbrook, IL 60062
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There is often a lot of stigma attached to the mere idea of bankruptcy that is rarely rooted in what it actually means to go bankrupt. As such, many who are deep in debt might try to avoid it even when it is their best chance at rebuilding a better and healthier financial future. That said, bankruptcy is not the only option, so it is important to fully understand and grasp the details of your situation and your choices to ensure you make the right decision.
When an individual files for bankruptcy and the court grants it, it essentially means that you are unable to repay all of your outstanding debts. Depending on the type of bankruptcy you file for, the court could structure a plan that will enable you to pay a good portion of your debt back and discharge the rest, or liquidate your assets to repay as much as possible and discharge the remaining debt. You will also likely be required to enter debt counseling. Whichever path you end up taking, bankruptcy is not something that happens to a person; it is a status that must be applied for and granted by the court.
Although bankruptcy is effective for handling debt, it is not the most suitable solution for everyone, which is why it is vital to consult with a bankruptcy attorney before settling on a decision. You can begin by asking yourself some questions:
Bankruptcy is not the only option available, so if you are not sure if it is appropriate for your situation, it would be wise to investigate the alternatives. Other options you might also want to consider include:
If you are struggling with debt and are considering your options, you need to reach out to an experienced bankruptcy attorney to find the best solution for your circumstances. At Bach Law Offices, Inc., our team of Northbrook bankruptcy attorneys will help you navigate your financial issues, so you can achieve the relief you need from mounting debt and harassing creditors.