Chicago, Illinois (PRWEB) March 16, 2012
Richard G. Fonfrias, J.D. of the Fonfrias Law Group, LLC (http://www.chicagomoneylawyer.com) has added an informative new article to his website in order to assist and inform those in financial difficulty and considering filing for bankruptcy. The article, entitled “File For Bankruptcy While Your Bills Are Current And You'll Have More Options,” is just the latest of many helpful articles on the web site that offer timely information on a variety of financial topics such as bankruptcy, foreclosure, debt consolidation, and loan modification. In the article, Fonfrias, a leading Illinois bankruptcy and financial rescue lawyer, advises that many people with serious money problems may be waiting too long before filing for bankruptcy and would be in a better position if they started bankruptcy proceedings while they were still current with their creditors. “They may have lost their job, incurred a large medical bill or have separated from their spouse, whatever the reason; they see the writing on the wall. They know that at some point they will be unable to make future payments. This is the time that they should be seeking the counsel of an experienced bankruptcy lawyer to discuss all their options,” states Fonfrias.
Many consumers mistakenly think that they must fall behind on their bills and be in arrears before they can file for bankruptcy. Bankruptcy was written into the U.S. Constitution to protect individuals and help them to keep their assets and eliminate overwhelming debt. “In my experience most people will do anything they can to avoid bankruptcy,” claims Fonfrias, “Filing for bankruptcy is generally viewed as a last resort. In my Chicago bankruptcy law practice, I have many clients who, prior to coming to me, have suffered for more than a year or two struggling with money problems and serious debt issues, doing everything they possibly could to avoid bankruptcy. While this may be commendable, it is often not the best course of action. In fact, you are in a much stronger position and have more options if you file for bankruptcy while your bills are up to date,” says Fonfrias.
Consulting with a bankruptcy lawyer, sooner rather than later, can help consumers avoid costly mistakes, like cashing in retirement accounts to pay bills. Retirement accounts are protected, even in bankruptcy. Creditors cannot take money from a retirement account, but if the money has been withdrawn to pay other bills, it will be lost forever. Consumers considering filing for bankruptcy should avoid debt repayment or debt management programs. Many of these are scams that prey on desperate people and may cause even bigger problems down the road. As well, consumers contemplating bankruptcy should not borrow any more money to pay their bills; it will just make their situation worse.
As more Americans are filing for bankruptcy, some of the stigma attached to being bankrupt should diminish. “Every day I meet with people who, through no fault of their own, can’t pay their bills. These are good, hardworking Americans who never dreamt that they would be in financial trouble. I know that they have tried their best to pay their bills and have spent many sleepless nights worrying about their future. For them, bankruptcy can reduce their stress and worry, and provide relief from creditors and bill collectors. As a bankruptcy lawyer, it is my job to help my clients understand what lies ahead and to guide them through the bankruptcy process so that they can keep their assets and start again fresh,” says Fonfrias.
Richard G. Fonfrias, J.D.
Fonfrias Law Group, LLC
First National Plaza
70 West Madison, Suite 1400
Chicago IL 60602