Many individuals and businesses must make the decision to file for bankruptcy to save at least part of their assets and stay out of legal trouble with debtors. This is a serious legal matter that should never be taken lightly. Talking to a Naperville bankruptcy lawyer is smart and can 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 called Chapter 7 or Chapter 10 bankruptcy proceedings. The laws designate which of these bankruptcy options is best for an individual or business owner. There are differences as to how much debt the taxpayer will have to pay, and there are rules for business-related bankruptcy cases that can seem complicated and complex to understand for the average citizen.

The type and amount of debt are also important in determining bankruptcy.

Some types of debt will still need to be paid off, and this typically includes student loan debt and other types. If you are dealing with a business bankruptcy, the type and amount of debt is also important when determining what legal course to take according to a trusted Naperville bankruptcy lawyer with a lot of experience 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 or not the business can remain in business.

Filing for bankruptcy can stop unlawful harassment by creditors

Creditors often use pushy and aggressive methods in their attempts to get a debtor to pay what is legally owed to them. However, once bankruptcy is filed and the proper paperwork and service process has been completed, those creditors can get themselves into serious legal trouble if they continue to communicate by phone, letter, calling the person’s place of work, and By other means.

However, this does not mean that all creditors will stop pursuing harassing contacts. When a person or business owner has a lawyer, he can direct all contacts to the lawyer’s office, often effectively stopping this illegal activity.

A good bankruptcy attorney can usually save the client more assets overall.

Don’t make the serious mistake of letting creditors take more than they are legally entitled to. These creditors will usually start this process all over again, and this is one of the reasons anyone considering filing for bankruptcy relief should contact a reputable Naperville bankruptcy lawyer sooner rather than wait until they most of their assets are gone or involved in legal entanglements. A good attorney can often prevent creditors from claiming a person’s primary vehicle, their home, and some of their other assets as well.

Filing bankruptcy doesn’t have to ruin your credit forever.

While most citizens realize that filing for bankruptcy comes with some unwanted credit tarnishing that can make it more difficult to obtain a loan, mortgage, or other lines of credit, it doesn’t have to ruin credit forever. A knowledgeable attorney can devise a workable plan to recover credit in a positive condition. Take the time to review all of your bankruptcy options.