DuPage County Bankruptcy Alternatives Lawyers
Should You File Bankruptcy or Opt for a Non-Bankruptcy Solution?
In order for you to make a truly informed decision about whether to file for bankruptcy protection or opt for non-bankruptcy solutions, you need to understand the advantages and limitations of your each option fully.
While your specific situation will dictate many of the benefits and limitations of bankruptcy compared to non-bankruptcy alternatives (in some cases, you may not have any options), the bankruptcy attorneys at Mevorah & Giglio Law Offices want to investigate and explain your options to you.
To discuss your situation with an experienced small business bankruptcy lawyer, call 630-932-9100630-932-9100 for a free, confidential consultation.
Advantages and Disadvantages of Bankruptcy and Non-Bankruptcy Solutions
Some general information about possible advantages and disadvantages of bankruptcy versus non-bankruptcy solutions include the following factors:
- Tax consequences: Our bankruptcy lawyers understand that often times settling a debt for considerably less than what you owe outside of bankruptcy can have adverse tax consequences. In many situations, you will receive a 1099 form stating the difference in what you paid and what you paid was income to you, and you will be taxed accordingly. You need to be aware of the true cost of a non-bankruptcy solution in order to ensure you are making an informed decision.
- Affect on credit history: In some cases, your credit history will be more adversely affected by filing bankruptcy, rather than opting for a non-bankruptcy solution. In other situations, the opposite is true, and your credit history may be better off by filing for bankruptcy protection. In either event, both options are likely to be much better than doing nothing at all.
- Your assets and Illinois bankruptcy exemptions: Depending on your assets, you may be better off filing for bankruptcy or avoiding bankruptcy. Illinois permits the exemption of certain assets from being taken for the benefit of creditors in a bankruptcy. Our bankruptcy attorneys will explain the exemption laws to you and closely examine your assets, your income and your debts to help you decide on the best course of action for your particular situation.
Contact an Experienced DuPage County Bankruptcy Attorney
To discover your personal and business options for debt relief, including non-bankruptcy solutions, please schedule a free confidential consultation by calling us at 630-932-9100630-932-9100. Or, if you prefer, fill out our online form and we can contact you to schedule a consultation.
Pursuant to 11 U.S.C. §528, Mevorah & Giglio Law Offices is considered a debt relief agency. We will proudly help you file for bankruptcy relief under the Bankruptcy Code if we believe it is in your best interest.