Legal Question in Bankruptcy in Illinois

Either way there is adverse credit reporting for 7 years (with Bankruptcy 8) The advantage to the bankruptcy is that none of your new income is going to pay old debt. and the fees as substantially cheaper.

Thanks for your question. Bankruptcy is actually a far better option. Credit card consolidation companies merely try to settle with your creditors. You actually wind up paying 40-50% of your credit card balance. In the meantime, your credit gets ruined. Also, many credit card consolidation companies will have you pay them directly while they accumulate your funds in order to try a "lump sum" settlement with your creditors. However, while they are doing this, the collection calls continue and the potential for a lawsuit increases (because you are no longer paying your creditors but rather the credit card consolidation company). With bankruptcy, creditors must immediately cease collection efforts and you get to retain your money. Let me know if you have any further questions; you can reach me by email at: [email protected]

Thanks -

I have a substantial bankruptcy practice, so I suppose I'm prejudiced...BK is a better option as you can "kill" your old debt and proceed with your fresh start without having old debt hanging around your neck. I offer a on obligation, free initial consultation. Give a call if you need me.