Many individuals and businesses must make the decision to file for bankruptcy to save at least some of their assets and remain out of legal trouble with debtors. This is a serious legal matter that should never be taken lightly. Talking with a dedicated Naperville bankruptcy attorney is smart and may even be beneficial.

There Is More Than One Type of Bankruptcy to Consider

Some people are completely unaware that they have different bankruptcy options and not just one in some cases. These are often referred to as a Chapter 7 or Chapter 10 bankruptcy proceeding. The laws designate which of these bankruptcy options is the best one for a person or business owner to pursue. There are differences in how much debt the filer will be required to pay, and there are rules for business-related bankruptcy cases that can seem complicated and complex for the average citizen to understand.

The Type & Amount of Debt Also Matters When Determining Bankruptcy

Some types of debt will still have to be paid back, and this usually includes student loan debt and other types. If this is a business bankruptcy, the type and amount of the debt owed are also important when determining which legal course to take according to a reliable Naperville bankruptcy attorney with lots of experience in handling these types of court cases. Credit card debt will be different than business loan debt, and the type of bankruptcy will also determine whether the business can still remain operational or not.

Filing for Bankruptcy Can Stop Illegal Harassment from Creditors

Creditors often use annoying and aggressive methods in their attempts to get a debtor to pay what is legally owed to them. However, once a bankruptcy is filed and the proper paperwork and notification process has been completed, those creditors can get into serious legal trouble if they continue to make contact by phone, letter, calling the person’s workplace, and by other means.

This doesn’t mean that all creditors will stop their harassing contact pursuits, however. When a person or business owner has an attorney, they can then direct all contact to the lawyer’s office which usually effectively stops this illegal activity.

A Good Bankruptcy Attorney Can Usually Save the Client More Assets Overall

Do not make the grave mistake of allowing creditors to take more than they are legally entitled to by law. These creditors will usually begin this process early on, and this is one reason why anyone considering filing for bankruptcy relief should get in touch with a reputable Naperville bankruptcy attorney sooner rather than waiting until most of their assets are gone or tied up in legal entanglements. A good lawyer can often keep creditors from laying claim to the person’s main vehicle, their home, and some of their other assets as well.

Filing for Bankruptcy Does Not Have to Ruin Your Credit Forever

While most citizens realize that filing for bankruptcy comes with certain unwanted credit tarnishes that can make it difficult to get a loan, mortgage, or other credit lines, this does not have to ruin credit forever. A skilled attorney can come up with a doable plan to get credit back into a positive condition. Take time to review all of your bankruptcy options.