Considering the recent economic trends, it’s a good thing that the word “bankruptcy” no longer has the stigma attached to it that it once did. Where it was once looked on as a mark of someone who could not successfully manage his own economic affairs, it is now accepted as a viable and sensible method for dealing with debt that has become, for whatever reason, so overwhelming that there is no longer any reasonable expectation of being able to pay it off. This is the reason these laws were enacted in the first place. Even some of the largest businesses have had to avail themselves of bankruptcy protection recently.
If you find yourself considering filing for bankruptcy, you may be tempted by a debt consolidation plan, but you should be warned that the interest rates can still be exorbitant, there are always fees attached for the service, and not all of your creditors may agree to participate, even despite the fact that these plans are often run by the creditors. You may want to file your bankruptcy petition yourself in order to save money on attorney fees, but considering the complexity and the convoluted nature of the laws, that decision may end up costing you dearly in the end. You may do better to contact an experienced Bankruptcy Lawyer in Aurora for a free initial consultation regarding your financial circumstances and let him advise you which course will be most appropriate for you.
There are different kinds of bankruptcy that an individual can file and they each have their advantages. No matter which type of bankruptcy is decided upon, as soon as it is filed, an “automatic stay” will go into effect which will put an end to the harassing letters and phone calls from your creditors. The purpose of this is to allow you and your Bankruptcy Lawyer in Aurora ample time to get a plan in place and work through all of the bankruptcy proceedings.
Once your attorney has begun the bankruptcy process, he will utilize all of his legal resources along with those of Ledford and Wu to ensure that you receive the debt relief you are looking for. Following a bankruptcy, your credit rating will take a hit, but many individuals have their credit rebuilt in as short as three years’ time.