Curious about Bankruptcy? Let's Talk. Not Ready? Claim your Free Book "Bankruptcy Myths Exposed". Don't go it alone!

It is normal to worry, and to wonder what will happen in the weeks and months ahead in the face of deep financial struggles and an inability to pay your bills.  Will your paycheck be garnished? Do you face losing what you have? What will you tell your family? Where will you go? Now what? There may be a solution for you in bankruptcy. If you are visiting this website, chances are that it is time to explore your options. There are answers out there and you need to find out what they are and if any of those solutions are for right for you. You are already one step ahead by visiting my website, to get information about bankruptcy. Bankruptcy is not going to be the solution for everyone, but for many people it can be the answer that they have been hoping for as a way to financially start over.  

Are You a Candidate for Bankruptcy?

Determining if you are a good candidate for bankruptcy and what type of bankruptcy you should be filing for, if you do file, is the first step in the process. Your bankruptcy lawyer will help you with this step, but in order to get the outcome that you want, you need to think about where you are now and where you want to be. What do you want your future to look like? For example, do you own a house? If you do, do you know what it is worth and how much you owe?  Ask yourself if you would you like to keep your home or if you would prefer to move. Are you trying to avoid a foreclosure or just be able to get rid of credit card debt while continuing to pay for your house? ONLY a personalized evaluation of YOUR unique situation can make the determination of what type of a bankruptcy you should consider, if any. Some unscrupulous bankruptcy lawyers will let anyone file for bankruptcy but we do not believe that this is the correct way to run a law firm. We do not handle all cases and if we think that bankruptcy is not a good option for you, will will decline your case and tell you why we do not think that bankruptcy is the best option for you, or the best option for you right now. 

Who Files for Bankruptcy?

Many people who are thinking about bankruptcy have been struggling to pay their bills for a while. Maybe you have lost your job, are recently divorced, got behind on the mortgage, or just got in over your head in spending. Many, many people who find themselves in a similar situation have lost track of what they owe or how much they are bringing in.  There is a natural tendency to ignore that which has turned into an overwhelming problem. If this is the case for you, don’t beat yourself up over it. That being said, it is time to get your head out of the sand and figure out exactly what’s what. You need to be brutally honest with yourself (and your spouse if you are married).  Open your bills and get them organized. Order a credit report. Sit down and figure out how much you have coming in every month and where the money is going.  Before anyone can help you, you need to know where you stand financially. It may not be good, and that is okay. Do not be embarrassed. That is why you are looking for information about bankruptcy. The bankruptcy laws were designed for honest people who find themselves in situations like yours. 

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcies help people eliminate certain kinds of debt, what is called “unsecured debt” like money owed on credit cards or for old medical bills. If your unsecured debt is fully eliminated in a Chapter 7, you will receive a “discharge” from the Bankruptcy Court which essentially acts as a governmental pardon of your obligation to repay on those debts. You are off the hook! This means that you will be free from having to worry about them anymore and you can once again look forward to getting the mail and answering your telephone! You can start over, re-build your credit, and begin fresh.  A shot at a second chance can make all the difference!

What is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcies are a little bit more complicated, and rather than eliminating your debt, you will repay your debt over a matter of years, through the bankruptcy court. Most likely, you will only pay a percentage of your debt and not all of it.  If you are facing a foreclosure on a mortgage, this can be a way to help you catch up on what is behind and stay in your house. Some people file for Chapter 13 when they have assets that they might otherwise lose in a Chapter 7. 

What's next if I am considering Bankruptcy? 

The bankruptcy laws are very complex but the process does not have to be a particularly difficult one for you, if you are working with a bankruptcy attorney. But you should still have at least a basic understanding as to what is happening in your case or if you should even be filing a case.  I've written the book about bankruptcy which is geared towards people who are thinking about it so that you can make an informed decision as to whether or not you should be considering it. The book is free and you can claim your copy of "Bankruptcy Myths Exposed". To discuss your specific situation and find out whether or not bankruptcy might be a good option for you, call my office at 888-878-5442 or 630 250-8813 to set up a time for a confidential phone call with me, to start.  The more you know, the better you will feel.  

Carol O'Connor Cadiz
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Attorney & Owner at O'Connor Cadiz Law: Bankruptcy, Injury, Real Estate & Mediation