Joseph P. Doyle Articles Are You Thinking About Filing Bankruptcy?

Are You Thinking About Filing Bankruptcy?

By Joseph P. Doyle  May. 6, 2011 11:43a

Bankruptcy has been stigmatized for many years, especially while many were living the “American dream,” starting their own businesses, building brighter futures for generations to come. Bankruptcy might have been something people frowned upon in years past, when America had a strong and booming economy; however, fast forward to present day, and our economy is hardly a reflection of what it was in the 1950’s and 1960’s. Just look around, many “mom and pop” shops are going out of business, new businesses are closing their doors, small restaurants are shutting down, even giants such as Blockbuster, the Claim Jumper restaurants, and Borders Books and Music are filing for bankruptcy. Even the Seattle based coffee chain Starbucks was hit by the recession, closing 300 stores and cutting thousands of jobs back in 2009.

Bankruptcy is no longer something to be ashamed of. With the state of Illinois’s 9.1% unemployment rate, bankruptcy has become an everyday fact of life. In 2010 alone, 1.6 million Americans filed for personal bankruptcy and two-thirds of the filings were for Chapter 7 bankruptcy. Nearly everybody these days knows somebody who was hit hard by the economic downturn. It could be your mother, your brother, your neighbor or your friend. Between unemployment and underwater mortgages, more people are turning to bankruptcy in recent years than ever before. If you would like more information about Chapter 7 bankruptcy and Chapter 13 bankruptcy, contact a Kane County bankruptcy attorney.

How Can Bankruptcy Help Me?

Once your bankruptcy petition is filed, you will experience relief instantaneously from the “automatic stay,” which puts an end to all debt collection activity. This means that creditors must stop contact you by phone or mail, otherwise they face legal consequences. In addition, bankruptcy stops wage garnishment for the duration of the bankruptcy, therefore you can keep your entire paycheck so you can meet your every day expenses and get some breathing room. Through Chapter 7 bankruptcy, the majority of your unsecured debt can be discharged or wiped out through bankruptcy.

With a Chapter 13 bankruptcy, you can keep your home, your vehicles and other assets. Through a debt repayment plan, you will pay off your debts in a time frame that your income can manage. For more information, contact a Kane County bankruptcy lawyer from the Law Office of Joseph P. Doyle today!

Contact a Kane County bankruptcy attorney from the Law Office of Joseph P. Doyle for a free consultation.

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