As stated in this recent article there are over 100 banks ready to file bankruptcies of their own. What does this mean for you the Bankruptcy Consumer filer? Well it means that when dealing with banks regarding your credit cards, home loans and car loans that you realize that these banks have a very strong self survival interest. So it is important that you find out every detail about your loans before taking steps that instinctively seem that they will harm your personal financial best interests down the road.

This is very apparent when dealing with banks in the HAMP or government modification program. Many of these programs call for trial periods in which you will go into default on your mortgage and therefore if you are not accepted by the modification program you will be stuck in default and possibly facing or already in foreclosure on your property. That is why it is very important to choose your Southside Chicago Bankruptcy Attorney or Chicago South Suburbs Bankruptcy Lawyer that has the experience and understanding of the actions behind these banks decisions. Either a Chapter 7 or Chapter 13 bankruptcy may help you in dealing with your debts with the banks and the sooner you come in for a free consultation the sooner you can have a better understanding of your choices in dealing with your financial stress. So please fill out our consultation form or contact us to discuss your options and the possibility of setting up a free consultation appointment. Our firm specializes in getting clients into their Bankruptcy case in a fast and affordable manner, so call today 312-489-8182 to LOSE YOUR DEBT and KEEP YOUR DIGNITY.

Marc

As the economy continues to struggle even some corporate giants who have been around for years are falling victim to the economical crisis. As discussed in a recent article on buzzle.com many big corporations have or are about to file Bankruptcy. This story just goes to show that any size business can be adversely affected by the economy and may need to file a bankruptcy. While it is perfectly natural to be fearful of this financial choice you should in no way let that natural feeling hold you back from possibly taking a step that could protect your future earnings and current possessions. Southside and south suburb Chicago Bankruptcy Attorneys that are good at what they do should be able to alleviate this fear when you meet with them and help you see through the emotion to determine if a Chapter 7 or Chapter 13 bankruptcy is the rational reasonable financial decision for you and your best interests. When deciding if a bankruptcy is right for you there are many questions to be answered and many disclosures to be made by you the client to your attorney. Therefore it is important that you feel comfortable with your choice of Chicagoland bankruptcy lawyer. Also, if you have your own business you will want to make sure that your Bankruptcy lawyer has experience in dealing with Bankruptcies for individuals and for businesses. Your attorney should be able to explain the legal differences between these two legal entities and make sure you understand whether or not you need a bankruptcy for yourself, for your business or for both. If you have any questions or concerns you should fill out one of our contact forms and we will be happy to call or email you to discuss your current situation and make sure you feel comfortable about discussing your Bankruptcy options. When you call our office you will always talk or meet with one of the owner attorneys. that way you do not have to worry about speaking to someone who may not be aware of your personal case facts or someone who may not have the answer to your personal financial concerns. Please all us today to LOSE your debt, keep your dignity and possibly save your business and your source of income.

Debt consolidators are everywhere and their advertisements can be heard on the internet, the radio, and now on TV. A reputable debt consolidator will attempt to negotiate a settlement for debts which are in default for a lower amount than is owed to the original creditor. The debt consolidation company will either negotiate a lump sum settlement amount with each creditor or have you pay a monthly amount in order to build up enough money for the company to settle the amounts with your creditors. So what is the catch?

The problem with debt consolidation is that many of the people cannot afford to pay either a lump sum payment to each one of their creditors and have to do it over time by making monthly payments to the debt consolidation company. An individual or couple may not have enough money to pay the monthly payment and may be using money they need for other household expenses. Also, the person must fall into default in order for the creditor to take a lower amount than is currently due, and interest will accumulate on the debt that is owed and the creditor will report each month to the credit reporting agency decreasing your credit score each month. The debt consolidation company will often take a percentage of any payments that you make each month and usually any money you pay to them is largely non-refundable or they take a large upfront fee.

The most important risk that a person takes when they choose debt consolidation is that they may risk garnishment, a frozen bank account, or a lien on real estate if a creditor sues the person. In sum, there is no protection against a lawsuit from one of the creditors if they decide to sue. The phone calls for collections also generally don't stop. Here is an article See the article detailing debt consolidation and what a person should look for. In the article it says that as many as 21 states have sued unscrupulous debt consolidators and complaints are rampant according to the FTC.

Bankruptcy will differ in the following ways from debt consolidation. Bankruptcy has the force of federal law and the automatic stay is your protection from any creditor coming after you for money or property Read More about the Automatic Stay. Most assets can be protected from your creditors. When a person files a bankruptcy there are set laws which are predictable for both the Debtor and the Creditors. Whether a person files a Chapter 13 Learn More about Chapter 13 there assets are not at risk and the person will repay debt back from 3-5 years without interest at a percentage.

A Chapter 7 is a liquidation bankruptcy where the person does not pay any debts back Learn More about Chapter 7 and gets to keep exempt property. When filing with an Chicago Bankruptcy Attorney like my office and I know the bankruptcy laws and I will guide you through the entire process, answer any questions you may have, and treat you with respect and dignity. Filing a bankruptcy is an important financial decision; however, it is a decision that a person should seriously consider if they are facing overwhelming debt, loss of a job, or a divorce. I meet with people almost every week who first try debt consolidation who waste precious money and time and ultimately end up filing a bankruptcy. Please call me today at 312-489-8182!

Marc Wagman

Bankruptcy filings have increased nationwide. In the Chicago area the number of cases filed have increased dramatically over last years filings. The Law Office of Marc Wagman LLC can alleviate you from your debt. Recently, I have seen a significant increase of people who now inquiring regarding filing a bankruptcy in the Chicago area. I am an experienced Chicago bankruptcy attorney who will represent you throughout the process. Chapter 7 bankruptcy is a liquidation bankruptcy that eliminates most debts. Chapter 13 is a consolidation of all your bills into one monthly payment. Please see our website for more details at www.practicinglaw4u.com or call my office at 312-489-8182 for a free consulation.