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Chicago Tribune Reports That Economy Will Lead To Many Choosing Bankruptcy

In light of the troubled economy and foreclosure crisis, the Chicago Tribune has written a feature article about the bankruptcy option for the millions of Americans who are struggling to pay their bills and stay afloat despite layoffs, credit card bills, and other income problems. In their in-depth, article, they discuss the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy as well as who would benefit from declaring bankruptcy.

What are the signs that filing for bankruptcy might be the best option for you? The Tribune asked Robert Lawless, a University of Illinois College of Law bankruptcy expert. Bankruptcy may be a good option for you if your house is in the foreclosure process; if you are taking money out of your retirement fund; if creditors are taking large amounts of your income; if you feel that there is no way you will be able to repay your debts; if you can only make minimum credit card payments for the foreseeable future; or if you owe significantly more money than you will make in your current situation.

How will declaring bankruptcy affect your home and foreclosure status? It may stall a foreclosure, but not prevent one. Chapter 13 bankruptcy could allow you to spread your missed mortgage payments over the next three to five years, though Chapter 7 bankruptcy will only save your house if you are able to pay past mortgage payments with you assets.

To better understand whether bankruptcy is an option for you, and whether Chapter 7 or Chapter 13 would be appropriate for your individual situation, it is best to consult with a bankruptcy lawyer in your area.

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