If you're reticent to declare bankruptcy because you fear your credit may become irreparably damaged, you must think about what will happen if you fail to stop your debt from mounting. Chapter 7 or 13 will not solve your problems overnight, but they can force creditors to stop hounding you for payments that you're simply unable to make. With new privacy laws in place for consumers, a declaration of insolvency will not appear on your credit history after a certain amount of time, so major purchases that require a background check will not be an issue of concern. It takes time to recover, but the recovery does come.
Choosing which type of bankruptcy filing is most suitable given your situation should be decided based on the counsel of the Chicago bankruptcy area firm that you choose. An attorney will take a look at your debt, earnings and asses to make this decision. Some people, particularly those who do not own a home or any other considerable collateral, are able to have debts discharged in a relatively short amount of time because they have no means of making repayments.
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