A Good Credit Counseling Agency

Melrose Park bankruptcy lawyers know that anyone who wants to file for bankruptcy must take a course in credit counseling at least 6 months before filing, as mandated by federal law. Most Melrose Park bankruptcy lawyers will be able to recommend a good credit counseling agency.

With the help of this credit counseling class and Melrose Park bankruptcy lawyers, you'll learn if you should even be considering filing for bankruptcy. Bankruptcy should only be a last resort. In some cases, a more modest repayment plan and negotiating with creditors might suffice instead.

Another matter they'll help you with is which kind of personal bankruptcy you should be filing, either chapter 7 or chapter 13. If someone does not have primary assets or has primarily unsecured debts, most Melrose Park bankruptcy lawyers would suggest that you file for chapter 7 personal bankruptcy.

Chapter 7 is sometimes called straight bankruptcy or fresh start bankruptcy. In most cases, it allows people to eliminate all or most of their debt while keeping most of their personal property such as their house or car. It involves a court-appointed trustee helping you liquidate your non-exempt personal property and selling it to pay back your debtors.

Unsecured debt such as medical bills, personal loans, and most credit card charges tend to be easily eliminated. As long as you make current payments and stay up to date on the loan, you should be able to keep your house or car.

However, Chapter 7 does not eliminate student loans except extreme hardship cases, debts for most taxes, debts for alimony, maintenance, or support, debts for fines, penalties, or criminal restitution, and debts for driving while intoxicated or under the influence.

Chapter 7 is the quickest method of personal bankruptcy, however it stays on your credit report for 10 years. After which, you can start repairing your credit.

For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.