• Chicago Bankruptcy Attorney Weighs in On Decreased Filings

    One particular region in Ohio has seen a sharp decline in the filings of personal bankruptcies, according to the Dayton Daily News. Throughout the first half of 2012 personal bankruptcies in the Dayton, Ohio region fell to 3,265-a 13 percent decline in a region that was hit hard by the recession. From 2006 to 2010, bankruptcy filings in the area increased in the first half of the year every year. Many experts are divided on what this exactly means about the economic climate of the region.

    “Fewer people are working right now, so you aren’t going to have as many wage garnishments if there aren’t that many wages,” says Russ Cope, a bankruptcy attorney in Centerville. “There is no point in filing bankruptcy unless you absolutely need to, and right now, many people are uncollectable.”

    The driving force behind people filing for bankruptcy is debt, so when the recession hit, fewer people had access to credit than before. This could be one part of why filings are down, particularly in the Rust Belt, where the recession hit hard.

    “Oddly, bankruptcy goes up when the economy is doing well and people are spending freely on credit,” said Jean Braucher, a professor at the University of Arizona and Vice President of the National Consumer Bankruptcy Center. “People can then suffer reverses, such as job loss or divorce or uninsured illness, but once they recover from the setback, they can use bankruptcy to shed debt they took on during a bad patch.”

    Please contact our firm for a free consultation if you find yourself struggling with debt.

    Benjamin Brand Services- Chicago bankruptcy lawyers.

  • Breaking Down Chicago Bankruptcy: Is Filing Your Best Option?

    Individuals who are struggling to pay off debt have difficult decisions to make on a daily basis. If you do not earn enough income to pay off your debt and continue to pay your rent or mortgage on top of other bills and expenses, chances are you have to learn to go without luxuries, and maybe even necessities. Filing for a Chapter 7 or Chapter 13 bankruptcy may allow you to regain control of your finances and your life. However, it is not a decision that should be made lightly, and there are many aspects to consider. Lets run through some pros and cons of filing a personal bankruptcy:

                    Pros:

    • Will provide virtually instant debt relief
    • Will end intrusive phone calls and creditor harassment
    • Provide you with time and the ability to reorganize and pay back the debt you are able to

     

    Cons:

    • You take a hit on your credit-the bankruptcy will remain on your credit history for 10 years
    • You will have difficulty getting a loan until you are able to re-establish your credit
    • Many employers run a credit check on prospective employees they interview

     

    Individuals should take all these points into consideration when deciding whether or not to file, bu the first step is to contact an experienced bankruptcy attorney to discuss your options, every case is different. Please contact our office for a free consultation.

    Benjamin Brand Services- Chicago bankruptcy lawyer .