Financial Warning Signs

When is it time to consider bankruptcy? A simple rule is that if collection calls have started, it is time to talk to an attorney. Bankruptcy may or may not be right for you, but it is time to know your rights and legal options to avoid serious consequences. The problem is not likely to go away on its own, and ignoring the problem can lead to your wages being taken and property repossessed.

At Ledford, Wu & Borges, LLC, our attorneys have more than 100 years of bankruptcy experience. We help clients identify important warnings signs and advise them on whether or not bankruptcy is right for them.

The Main Causes Of Bankruptcy

The main factors that lead to financial trouble are job loss, divorce or medical bills. However, with over 50,000 clients helped, we have seen numerous causes of financial insecurity. Some signs that bankruptcy may be right for you include:

  • Only paying the minimum payments on your credit cards
  • Not being able to pay your bills from month to month
  • Switching which utilities you pay each month
  • Receiving a collection lawsuit or foreclosure summons
  • Loan modifications being denied
  • Property being repossessed

These financial warning signs are serious and need to be addressed in a timely manner. We can represent you through bankruptcy, and help you to negotiate with creditors to set up a payment plan you can afford or eliminate your debt altogether.

What Should You Do If The Warning Signs Are There?

The general rule of thumb is that if you cannot pay your way out of debt in three years, Chapter 7 may be the option for you. If you need assistance getting back on your feet and negotiating a new repayment schedule, Chapter 13 is the right choice. If you have an ongoing business, significant assets or very large debts, then Chapter 11 may be your best option. Our Chicago attorneys have the legal knowledge you need and will guide you toward the best possible bankruptcy option.

Want to learn more about bankruptcy and financial warning signs? Contact an Illinois bankruptcy attorney by e-mail or call 312-574-3327 for assistance. In all of Illinois, only seven attorneys are certified in Consumer Bankruptcy by the American Board of Certification*. Two are partners at Ledford, Wu & Borges, LLC. We have seven office locations in Illinois, as well as night and weekend hours for your convenience.

*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law, and the certificate, award or recognition is not a requirement to practice law in Illinois.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.