Why You Should Choose a Professional Bankruptcy Lawyer in Aurora

January, 2014 by Alma Abell

Bankruptcy legislation was originally written to favor creditors and institute penalties and punishment for debtors that were unable to pay their debts. It was not a debt relief solution, but a harsh punishment for people in trouble. Over the years the laws were amended and now the debtor is favored over the creditor.

Where this process once carried a negative stigma, it now saves debtors from losing their homes and vehicles and allows them to start over and rebuild their credit. Professional Bankruptcy Lawyer in Aurora can help you find out if you are eligible for bankruptcy and if so what type to file.

While you can get the paperwork and file your bankruptcy on your own, that is not a recommended practice. If you make one mistake on your paperwork or leave out one creditor on your forms, it will adversely affect the outcome of your bankruptcy hearing. An attorney will help you with your paperwork. You will provide them with the information they will need to make sure your bankruptcy goes as smoothly as possible. Where you may not be able to preserve the assets you want to preserve, a lawyer can help you with that issue.

If you are getting collection calls from creditors or collection agencies, you can count on the fact that your credit report is affected. Your credit score is already compromised, so if you have no way to pay the amounts they request, bankruptcy is a good solution. Chapters 7, 11, and 13 are the three most commonly filed forms of bankruptcy. Each one comes with eligibility requirements that you must meet before you can file a bankruptcy. A lawyer will make that choice easier for you.

Some things you should know about bankruptcy before you file include the following.

*   Your credit will be adversely affect for up to 10 years.
*   You may still have to make payments to creditors that will not discharge the debt you owe.
  You must make your agreed upon payments for restructuring bankruptcy (Chapter 13) on time.
  You may not be able to get conventional financing or a credit card for years after bankruptcy.

Bankruptcy is a debt relief solution, but it does not come without consequences. A Professional Bankruptcy Lawyer in Aurora, Illinois will explain the risks, benefits, and disadvantages to you in a free consultation. Ledford and Wu provides quality bankruptcy help so consumers have a fighting chance.