The present economic reality for many families and individuals is that managing accumulated debt has become financially overwhelming. A Chapter 7 bankruptcy could be a path for getting rid of much of that debt for those without the necessary income to meet their debt obligations.
Many individuals filing for bankruptcy find themselves making that decision with worry, fear, and uncertainty of what to expect during the filing process and what life would be like afterwards. For this reason, the decision to file for bankruptcy is often accompanied with stress and emotional strain. It can be an incredibly difficult time period in a person's life, and it is not unusual to feel overwhelmed and a bit of anxiety over the whole ordeal. Once many have filed, however, they often may feel a certain sense of relief. For many, there is a sense of resolution in finally taking proactive steps towards regaining control of your debt instead of letting it control their lives.
The time following filing can still be riddled with questions. It is important that you speak with a knowledgeable Illinois bankruptcy attorney to get the answers you need. One of the most frequently asked questions is regarding your ability to file again. Contrary to the myth of the one-filing-per-lifetime limit, you are in fact allowed to file multiple times. There are certain waiting periods that must be observed that vary according to whether you are filing for Chapter 7 or Chapter 11, but there is no once-per-lifetime restriction.
Another common question after filing for bankruptcy concerns future credit. While your credit will be negatively impacted by the bankruptcy, it will not be permanently impacted. Consumer protection laws for fair credit reporting stipulate that the bankruptcy must be removed from your credit report after several years. Moreover, with the right decisions and financial steps, you can almost immediately begin rebuilding your credit once more.
If you are looking for skilled legal representation in a Chapter 7 Bankruptcy filing, and you would like to know what to expect in the aftermath, Illinois Bankruptcy Lawyer Daniel S. Khwaja can help. By exhaustively preparing each case and working tirelessly to meet all the needs his clients, Attorney Khwaja are able to help many people on their way to a successful outcome and financial recovery. When you place your future into Attorney Daniel S. Khwaja's hands, you can breathe easier knowing that you are being cared for by an Illinois bankruptcy attorney capable of giving you the assistance you require.