Tuesday, October 18, 2011

Chicago Bankruptcy Lawyer Shares New Report Revealing Many Debtors Fail to Seek Professional Assistance

There is no easy way to admit that you are struggling to keep up with your monthly financial obligations.  Our Oak Park bankruptcy attorney has worked in the area long enough to understand the social, mental, and emotional challenges that come when one hits a rough financial patch.  Besides having the worry of not being sure how you will pay for basic needs, many local community members have the added stress of feeling ashamed about their financial position.  Yet, the fact remains that help is available for all residents to get out of these sticky financial situations. One need only know where to look.

Unfortunately, a new study reported in Loans Safe explained that a large percentage of those who could most benefit from have guidance with debt and credit issues fail to seek out the available help.  The latest research indicates that the number of people who visited a professional to receive debt assistance decreased 20% last year.  Instead, many families have taken a “head in the sand” approach which often leads to even more credit card debt, late payments, and the stress that comes worrying about how the situation will ever be resolved.  Ask any Chicago bankruptcy lawyer and they will explain how many of their clients admit to waiting longer than they probably should have before seeking out their services to learning what options are available.

Those looking into the matter explain that various factors may be at play in discouraging those who could benefit from visiting a professional from doing so.  For one thing, the emotional stress that comes with admitting that help is needed prevents many consumers from taking steps when they should.  In addition, one researcher said, “I think some are just tired of trying and have given up.”  With unemployment figures remaining high, poverty increasing, and ideas for improvement few and far between, it is easy to see how some facing complex financial challenges feel like giving up.  But it is important to remember on the flip side of the coin that the moments when things feel the most hopeless are the same moments when there is nothing to lose from trying something new.

The first step in getting things back on track is understanding what financial challenges you face and learning how the law applies in your case.  Visiting a Chicago bankruptcy lawyer to learn about your options does not obligate you to any course of action.  However, no matter what, much peace of mind comes with discovering whether bankruptcy is a logical step in your situation.  Contrary to the misperception of some, filing for bankruptcy is not a step that will permanently ruin your credit.  In fact, it is intended specifically help repair credit and allow those who need it a fresh start to get their financial affairs back in order.   In our area, Illinois bankruptcy law eliminates certain debts while allowing the resident to keep certain property such as pension and retirement plans, Social Security benefits, life insurance policies, and a variety of personal property.  Please consider giving our legal professionals at the Law Office at Sandra M. Emerson a call or visit us online today to schedule a bankruptcy consultation.     

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