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Illinois Bankruptcy Attorneys
Financial Warning Signs: Should You Consider Bankruptcy?
If collection calls have already started, it is time to talk to an attorney. At Ledford & Wu, our attorneys have more than 50 years of bankruptcy experience. We help clients identify important warnings signs and advise them on whether or not bankruptcy is right for them.
Should you consider bankruptcy? Contact our qualified Illinois lawyers online or call 888-542-1900 for a free consultation. In all of Chicago, only three attorneys are certified in Consumer Bankruptcy by the American Board of Certification*. Two are partners at Ledford & Wu.
Identifying Financial Warning Signs
The main factors that lead to filing for bankruptcy are job loss, divorce, or medical bills. At Ledford & Wu, we are proficient at explaining financial warning signs and will inform you whether filing Chapter 7 or Chapter 13 is right for you. Some signs include:
- Only paying the minimum payments on your credit cards
- Receiving a foreclosure summons
- Loan modifications being denied
- Not being able to pay your bills from month to month
- Property being repossessed
- Switching which utilities you pay each month
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?
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. 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 888-542-1900 for assistance. We have ten 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.
