Bankruptcy: Think of Chapter 7 and 13 as financial planning tools

Some people operate with a misconception that a bankruptcy filing means giving up, throwing in the towel and going to hide in a corner wearing a dunce hat. Wrong! As discussed during a recent radio Interview on the new Chicago Bankruptcy Update podcast, Chicago Bankruptcy Attorney, Joseph Wrobel, explains that many prominent individuals and businesses use the law and protections set forth in Chapters 7 and 13 to reorganize their debts and get finances and balance sheets in order. Click/tap here to listen to the inaugural episode, “Bankruptcy in Detroit: Any saving Motor City? In this program, Wrobel compares and contrasts what has been happening with the well-known Detroit bankruptcy case and how what has been in the news would apply to Main Street businesses and individuals.

If you're at a fork in the road, get some proper direction.
If you're at a fork in the road, get some proper direction.

In another recent publication, ChicagoNow’s Friends in Family Law, Wrobel was praised for his compassion and understanding that bankruptcy clients often feel like they have failed somehow and should hang their head in shame. What many people do not realize is that they can keep their home, car and items of personal and sentimental value. The article, “Bankruptcy is a financial planning tool: Chicago area families deserve a fresh start,” remarks that people even think about suicide when they feel there is no way out of debt and financial stress. Also noted, the act of filing a petition for bankruptcy relief helps protect the consumer against continued collection activity and phone calls.

If you find yourself behind the eight ball and feel like they’re is no relief in sight, take some advice: slow down, take a few deep breaths and imagine you had all the money you need to get by from day to day and save for tomorrow. After you calm down, make a list of financial obligations you can afford to pay and which ones seem impossible to handle. Now, what if you had a period of time where you could put those troublesome bills away and forget about them for a while. Would you be able to feel better and maybe take your family out for dinner for some laughter and to create some nice memories? Think of a bankruptcy filing as one of those drawers where you put those pesky debts. Chapter 13 is just a little closer to the front of the door and Chapter 7 is so far in the rear of the drawer you will never see those bills again!

Having respect for yourself and your family means facing your troubles head on and doing what’s right to take care of yourself and them. Don’t make your decisions based on what your friends say at work or what you hear second hand. When you make a private consultation with a bankruptcy attorney at Joseph Wrobel, Ltd., you will get the fair and honest truth. You might be surprised that bankruptcy relief is not as treacherous as you thought. You can call and make an appointment by dialing 312-781-0996. Before you call, if you’d like, watch the videos on the Joseph Wrobel, Ltd. website. The firm also has Facebook, Twitter and LinkedIn pages where you can find more information and interesting articles on a variety of consumer finance topics.