Asset Protection Lawyer Barrington IL 

Asset Protection Lawyer Barrington IL Should you be facing financial issues, it’s in your best interest to reach out to our asset protection lawyer Barrington IL residents recommend. With our help, you provide yourself the best opportunity to take back control over the financial challenges you may be experiencing. When financial issues are present, it can feel near impossible to recover from them. Our team at Bott & Associates, LTD can offer guidance when determining whether bankruptcy is the appropriate solution based on your situation. We will work tirelessly to understand your needs, make recommendations for the best course of action and advise on the proper ways to rebuild your credit in the days ahead. 

Don’t Sit in Denial, Know When to File

Financial problems can be troublesome, and, for some, they may be something that you’d rather not face. We know there can be much shame associated with financial woes, and it can be challenging to move forward with a bankruptcy filing. However, if you are financially struggling and experiencing incessant calls from creditors, you are likely to experience significant relief upon choosing to file for bankruptcy. This is especially true when the automatic stay is granted. Here are some signs that it’s time to speak with our team about the financial issues you are experiencing: 

  • You are behind on your payments
  • You often skip payments to pay others
  • You have a high debt to income ratio
  • You are receiving constant calls from creditors
  • You do not qualify for debt consolidation 
  • You are using credit cards to cover your everyday expenses

Our Barrington, Illinois asset protection lawyer knows that you have likely experienced extreme stress from your financial woes. It doesn’t have to be this way. Debt relief is an option, and our team can assist.  

Bankruptcy May Be a Solution

Determining whether or not to file for bankruptcy can be difficult. While there is a stigma associated with bankruptcy, know that taking this step can not only offer relief but a fresh start and a way to begin rebuilding your credit. When choosing to file for personal bankruptcy, the following are two of the most common forms our clients may consider: 

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is among the most common types of filings and is known as a full liquidation. Essentially, those who qualify can have the majority of their unsecured debts forgiven. To qualify, debtors must attend credit counseling and have an income that falls below the state’s median income. 

Chapter 13 Bankruptcy

Chapter 13 is commonly referred to as the wage earner’s plan and is the most appropriate option for those who have a steady income above the median average. While some debts may be discharged through Chapter 13, many will be repaid over 3-5 years after a repayment plan is proposed. 

Tips for Rebuilding Your Credit

Many people are worried about the impact filing for bankruptcy will have on their credit. However, it’s essential to be aware that if you are filing for bankruptcy, chances are, your credit has already been impacted. Know that you can begin to slowly rebuild your credit over time by taking control of your finances and filing for bankruptcy. We suggest that you stay active with the process of rebuilding your credit by: 

  • Staying current on your debts
  • Considering a credit card with a low limit to begin the process of rebuilding your credit
  • Pay your credit card balance in full each month
  • Regularly monitoring your credit report
  • Refrain from carrying balances on your credit card that you are not able to pay in full each month

It’s possible to rebuild your credit after bankruptcy. Although bankruptcy can be difficult to pursue, know that if you are struggling with finances, bankruptcy can be a way to build a brighter future for yourself and your family. Bott & Associates, LTD wants to help you have a new lease on life. Start by contacting our office to speak with our Barrington IL asset protection lawyer.