Bad things can happen to good people as nobody in this world is immune to unfortunate financial problems. Although you may have tried to manage your finances judiciously there are situations when you are in financial mess. There are many things that can push you into such a situation and these include huge unplanned expenditure on treatment, failure of your business venture or job loss. Creditors’ calls along with thought of being helpless can be distressing. In such circumstances filing bankruptcy may seem to be the only option. As top bankruptcy lawyers in Chicago we help you come out of the mess and regain control over your finances.
We bring in tailored approach to solving your financial woes as we strongly believe there is no magic formula that applies all businesses and individuals. Our core aim is to address your financial concerns and also help you explore all the possible options at your disposal for earning relief. We would closely examine your eligibility for filing bankruptcy under different chapters and outline the best possible plan for you. If you aren’t eligible for filing bankruptcy we would suggest you the alternatives to make a fresh start.
Chicago Chapter 7 Bankruptcy
This Chapter of bankruptcy code is meant for liquidation or the sale of the debtor’s non-exempt property and the sale proceeds are paid to the creditor. Since you earn discharge after the sale of your property this is often termed as ‘straight bankruptcy’. The fact that it allows you to get over all your debts at one go and make a fresh start to your life makes this popular among many people. You won’t need to come up with a repayment plan as is the case with Chapter 13 bankruptcy. The downside of filing bankruptcy under this Chapter is the fact that you would have to part with many of your prized assets. As a firm that specializes in Bankruptcy we are well aware of the Chapter 7 laws in Chicago and would clearly explain you the terms and their implications.
Chicago Chapter 13 Bankruptcy
Chapter 13 of Bankruptcy is often termed as a repayment plan. If you are eligible to file for bankruptcy under this chapter you would work out on a financial reorganization plan without having to sell of your assets. Here you can work out the repayment plan with your regular income and settle all your dues to the creditors in the next three to five years. What makes this Chapter attractive to debtors is the fact that it allows you to stop foreclosure proceedings and can also be used to delinquent mortgage payments over time. We are well versed in the Chapter 13 laws in Chicago and would ensure that the repayment plan works to your advantage.
If you are looking for tips on how to prevent bankruptcy in Chicago, we would help you chalk out the right part for a brighter future. As your preferred bankruptcy lawyers in Chicago we don’t see your bankruptcy from pure legal point of view. Our aim is to help you make a fresh start to your life and prevent being entrapped into the never ending cycle of debt. Contact us or come for a Free Consultation and we would show you the path to recovery.