Is Chapter 7 Ideal For You?

Not sure if you should file for Chapter 7 bankruptcy or not? Consider these following items before deciding on what type of bankruptcy will work best for your specific financial situation.

To start, when your debts are greater than your assets, Chapter 7 bankruptcy is a viable possibility. Although there is no specific formula to determine who is best qualified for this type of bankruptcy you are more likely to qualify if:

• you can only pay the minimum amount on your bills at the moment.
• are unable to create a plan to budget yourself out of debt over the next five years.
• are already receiving notice of impending loans or mortgages being foreclosed on.
• were victim to a serious financial setback, such as a costly divorce or bad health.
• have recently been laid off or fired and simply cannot pay your bills at this time.

If one or all of these apply to you it is time to contact a Chicago bankruptcy attorney now to get the legal advice you need.