There is no question being deep in debt has a significant effect on your life. Constant calls and letters from bill collectors and threats of foreclosure or repossession can be pretty stressful. By the time you consider bankruptcy, you may be ready to do anything to stop the harassment. However, it is important to slow down and learn everything you can about how filing for personal bankruptcy can effect your life. A Bankruptcy Lawyer in Oak Park IL may be able to answer all of your questions.
One of the most common questions people have before they file for bankruptcy is whether they will ever be able to get credit again. Chances are, if you have been struggling to make your minimum payments, have missed one or more monthly installments on your mortgage or have several accounts in collections, your credit score is already pretty low. A bankruptcy on your record won’t lower an already low credit score very much. With a secured credit card, you can reestablish your credit and begin to raise your score by making payments on time.
Another common question is whether a person who files for bankruptcy will be able to get utilities in their own name after the providers find out about the bankruptcy. If you include your past utilities bills in your bankruptcy, you may have to pay a deposit for future services. However, the utility companies cannot deny services to you. It is important to make your current and future payments on time to avoid disconnection.
Some people wonder whether a bankruptcy will have an impact on their job search. As a Bankruptcy Lawyer in Oak Park IL can tell you, the filing is a public record and can be seen by potential employers if you consent to a background check. However, employers are not permitted to discriminate against job applicants based on a bankruptcy filing.
An attorney from Schottler and Associates may answer these and other questions to help you determine whether bankruptcy is a good option in your situation. Gathering all of the relevant information prior to making a decision may be important to your future financial well-being.