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Facing the Possibility of Bankruptcy: Your Finances and Your Options

Posted on in Bankruptcy Attorney

To say “every American has debt” is not so far from the truth. According to some reports, American consumers owe $11.63 trillion in debt as of Sept. 2014. That is more than half of the country's national debt.

Although debt is not inherently evil, it has reached unbearable levels for many Americans. For some, proper budgeting and prioritization of purchases can help; for others, however, bankruptcy might be worth considering.

How does one determine if bankruptcy is a smart option? The first step in answering this question is examining personal finances and debt. Then, it is wise to speak to a bankruptcy attorney to learn the intricacies of the law and how they relate to your case.

Debt Coping Strategies and How Bankruptcy Fits into the Equation

Dealing with debt responsibly often requires certain sacrifices. Debtors must address the problem head-on, and this may involve establishing proactive financial habits or choosing to file for bankruptcy.

No one is born with inherent financial responsibility; it is a learned skill. Some people are fortunate enough to come from households where monetary responsibility is as important as having good hygiene and strong academic performance—others are not. Regardless of upbringing, most people can benefit from seeking out and developing strong financial habits.

The process of bankruptcy involves a lot of debt education. Whether an individual files for chapter 7, which requires a liquidation of assets, or chapter 13, which involves a payment plan that restructures debt, no one goes through bankruptcy without understanding the responsibility debt demands.

In fact, debtor education literally is a component of bankruptcy. Every applicant must attend mandatory credit counseling services that not only discuss valuable financial lessons but also cover alternatives to bankruptcy.

Many people mistakenly assume that bankruptcy is a poor solution to a difficult problem—and for some, bankruptcy might be too extreme. The truth is that bankruptcy is never something to be ashamed of or feared.

If you are facing crippling amounts of debt, it may be worth your while to contact an experienced Cook County bankruptcy attorney. Whether you are seriously considering bankruptcy or simply curious about whether or not it may be the best solution for you, contact Newland & Newland, LLP at one of our Illinois locations to schedule a free phone consultation. Let us help you discover a path to financial recovery.

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