Legal Advice

It May be Beneficial to File for Bankruptcy

Although in past ages, there has been a social stigma attached with the idea of being in financial crisis, most people are coming to realize that, often times, the most financially responsible thing to do is to file for bankruptcy in order to be able to get finances under control and to pay off debt. Many Chicago residents are discovering a fresh start when they file for bankruptcy.

Bankruptcy is one of the few options that enable both businesses and individuals to pay off their creditors while still remaining viable. That is why when people and corporations file for bankruptcy, they are allowed to keep certain assets so that they can continue to earn money. It is the ability to continue to generate income that enables them to pay off their creditors.

Sometimes in filing for bankruptcy, a business will need extra help in order to continue operations. Such is the case with the novelty ice-cream company, Dippin’ Dots Inc. that recently requested another bankruptcy loan that they say they need to keep their factory up and running.

During the recession, Dippin’ Dots experienced a sharp decline in sales. Consequently, it fell behind in loan promises. Now it is looking for immediate funds to continue its day-to-day operations while investors are found to aid the financially-strapped company.

When a business or an individual decides to file for bankruptcy, it is not as though they are looking for an easy out. Rather, it is an attempt to make good on promises and to continue to gain the income necessary to pay off debts and to simultaneously subsist. In fact, in many cases, debtors also hope for the person or corporation to file because they often know that it is the only possibility that they have of recouping any of the money that is owed.

If you are facing financial difficulty, but are still trying to do the responsible thing, you do not have to throw in the towel just yet. Consult with an attorney in the Chicago area to determine if it would be best for you file for bankruptcy. If you file for Chapter 13 bankruptcy, a structured repayment plan will be designed specifically for you that will enable you to get out of debt. In three to five years, you could be debt-free and have a new lease on life.

Because Chapter 13 bankruptcy plans are as varied as those who choose to file, it is extremely important to consult with a Chicago area attorney as soon as possible so that a tailor-made plan can be developed for your and your specific situation.

 

 

 

File Bankruptcy ChicagoIf you have been considering whether to file bankruptcy, Chicago Debt Solutions can help. Our team is ready to find the best financial options for you, including helping you to file for bankruptcy if that is best for your individual situation. Do not be discouraged by your financial situation: Get help today. Contact Chicago Debt Solutions at 312-445-9106 or on the web at our website.

 

 

 

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