• 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 .

  • Bankruptcy Filings Down in 2012; Chicago Bankruptcy Attorney Hopes it is Sign of Improving Economy

    Personal bankruptcy filings in 2012 have decreased from 2011, according to statistics from the United States courts. The number of personal bankruptcies in the one year period, ending on September 30, dropped significantly. The number of Chapter 7 bankruptcy filings dropped from 1,036,950 in 2011 to 874,337 in 2012-a 16 percent decrease. Chapter 13 bankruptcies dropped from 417,530 to 375,521, down 10 percent.

    Chapter 7 bankruptcies still account for approximately 67 percent of all bankruptcies. The states with the highest number of filings per capita are Nevada, Tennessee and Georgia. The lowest are Alaska, District of Columbia and North Dakota.

    Consumer default rates have also continued to decline over the same time-down 1.5 percent from a year ago.

    These are signs of a recovering economy, and hopefully the trends will continue into 2013. Despite these improving numbers, many Americans are still struggling with debt, and bankruptcy could be a viable option. Please contact our firm for a free consultation.

    Benjamin Brand Services- Chicago bankruptcy lawyer .