A debtor considering bankruptcy must bear in mind that a bankruptcy stays on his or her credit report for up to 10 years, which can potentially make it difficult to get future credit. A debtor should also keep in mind that some debts must still be paid even if he or she files for bankruptcy. Accordingly, it is essential to contact an experienced bankruptcy attorney before making potentially life-altering financial decisions.
Learn More About Bankruptcy Before Deciding to File
According to the Administrative Office of the U.S. Courts, almost 9,000 individuals filed a non-business-related bankruptcy petition in 2008 in Central Illinois alone.
Thus, if you are considering bankruptcy as a solution to a debt crisis, you are not alone.
It is critically important to learn as much as possible about the bankruptcy process before making the final decision to file a Chapter 7 or Chapter 13 bankruptcy petition.
For that reason, the Springfield, Illinois, law firm of Michael J. Logan, Ltd., offers the following general information about consumer bankruptcy filings. We also offer to anyone considering bankruptcy the opportunity to receive a free and confidential case assessment from experienced bankruptcy lawyer Michael J. Logan. Simply complete the detailed intake form and you will receive information from attorney Logan by telephone or e-mail.
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Located in Springfield, Illinois, the law firm of Michael J. Logan, Ltd., offers compassionate and knowledgeable legal guidance in the area of bankruptcy law to individuals and families throughout Central Illinois. Our clients come to us from communities like Chatham, Lincoln, Cass County, and DeWitt County. Complete our complimentary and confidential case assessment or contact us directly to schedule a free consultation.
For more than 35 years, local Illinois attorney Michael J. Logan has provided knowledgeable and practical legal advice to individuals and families considering filing for bankruptcy. Our law firm has helped thousands of clients use a Chapter 7 or Chapter 13 bankruptcy petition to get a fresh financial start. Contact us directly or complete a confidential case assessment for more information.
Surviving the Emotional Effects of Bankruptcy
No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life. The experienced bankruptcy attorneys at Michael J. Logan, Ltd. in Springfield, Illinois, can guide a debtor through the complicated legal, financial and emotional maze of bankruptcy and steer him or her in the right direction for the future.
Filing bankruptcy can, without a doubt, stir up many negative emotions. The debtor's sense of self-worth is often closely tied to his or her financial circumstances. Loss of money can be experienced as a loss of identity, self-esteem and confidence. We live in a society in which image is seemingly bought through possessions. Money can be viewed as a powerful currency not only in a purely economic sense, but also in relationships and thus a real or perceived loss of interpersonal power can ensue when bankruptcy is filed.
Understanding these emotions can help disentangle the practical realities of money from the possibly destructive or limiting emotional response to bankruptcy.
At times of significant loss, people tend to feel that their entire foundation has been shaken and that their most fundamental sense of security has been disrupted. They question their trust in themselves, in others and in the world at large. Although it may be natural for many to bury these frightening emotions, bringing core insecurities to a conscious level can actually reduce fear and the feeling of being out-of-control, which enables individuals to start tackling their situations constructively. In addition, the counsel of a seasoned bankruptcy attorney at Michael J. Logan, Ltd. in Springfield, Illinois, can see a debtor through the tough times and guide him or her to a brighter financial future.
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