No one likes the idea of drowning in debt, but things can happen that make it impossible to avoid this situation. For those who find themselves dealing with debts and no way to possibly honor them, it makes sense to consider the option of bankruptcy. Here are some of the reasons why calling one of the bankruptcy lawyers in Rockford, IL makes sense.
Creditors Are Calling
Rather than becoming easier every month to meet obligations, the debtor has ended up unable to pay everything on time, meaning creditors are calling every day asking for payment. Some have even started to talk about turning the accounts over to collection or possibly filing suit. Since it is clear that even more creditors will be joining the chorus soon, it pays to take action now, so calling one of the bankruptcy lawyers in Rockford, IL and setting up an appointment to look into possible solutions is the only thing to do.
Problems with Back Taxes
Due to medical and other types of emergencies, there are back taxes now owed, and with the possibility of liens against bank accounts or the seizure of property looming, something needs to be done now. Talking with a lawyer will make it possible to determine if those back taxes can be discharged with the use of bankruptcy, and even if they cannot, remember that choosing to file a chapter 13 bankruptcy places the debtor under the protection of the court. While the debt does not go away, it will be possible to pay the past-due taxes and other obligations according to a plan approved by the court. Even if it takes five years to manage the task, the pressure is off in the interim.
There is no reason to spend days avoiding phone calls and the nights lying awake worrying about what could happen tomorrow. Visit Crosby Law Firm website and arrange to have a professional take a look at the finances and determine if a particular type of personal bankruptcy would be the better solution. Once the process is underway, it will be possible to look forward to the day when all those debts are settled.
