OBTAIN A FRESH START WITH AURORA'S LEADING BANKRUPTCY LAW FIRM
REQUEST FREE CONSULTFiling bankruptcy is a difficult process to go through, and knowing which type of bankruptcy to try can be confusing. Should you file Chapter 7 or Chapter 13? Or should you struggle and try to resolve things on your own. Sometimes getting a fresh start is the best alternative. Fighting with high interest rate credit cards, unexpected medical bills, judgments and collections can be a losing game. Fortunately, the bankruptcy laws were designed to protect consumers in over their heads.
A lot of people believe that filing for Chapter 7 might be the best option for them since it can help them get rid of debt much faster. In many cases, that may be true. However, those filing a Chapter 7 may not be eligible to file if they own a home or have assets. Sometimes filing a Chapter 13 bankruptcy might be the better option if you don't want to lose your property or car. A Chapter 13 is a repayment program that may provide homeowners more financial flexibility.
Trying to decide whether to file bankruptcy or not can be a difficult decision. Many people try to avoid filing for bankruptcy over fear of being judged, but most people say filing bankruptcy was the best decision they ever made and there only wish was they wish they had done it sooner. If you would like to discuss whether filing bankruptcy is right for you or not, call our office for a free consultation.
If you're reading this, it probably means you may be considering filing for bankruptcy. We want to help you learn more about the process so you can make an informed decision.
A Chapter 7 Bankruptcy is the most common form of bankruptcy where the debtor surrenders all assets to the court, which then liquidates them and distributes the proceeds to creditors.
The first step of a chapter 7 bankruptcy is to file with the court and notify all your creditors of the proceedings. In the next step, you have to turn over all your assets so that they can be sold. The court will then divide those assets among your creditors according to the means test. Finally, you will receive a discharge from debt and free from any future debt obligations if you're eligible.
You should consider filing for a chapter 7 bankruptcy if you have overwhelming debt that's not going away anytime soon, don't want to pay it off over many years and don't have substantial assets or income.
Filing for bankruptcy might be the best solution to alleviate the overwhelming stress of mounting debt. Learn more about what it means to file for bankruptcy and what happens after filing for bankruptcy by calling our office for a free consultation.
A Chapter 13 bankruptcy is another type of bankruptcy that allows those who qualify to keep some property and repay some debts over a period of 3-5 years.
REQUEST FREE CONSULT
Chicago Bankruptcy Clinic
319 Clairemont Ct
Aurora, IL 60504-6398
(630) 647-8050
The information on this website is for general information purposes only. Nothing on this site should be construed as legal advice. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship These materials have been prepared by ​Chicago Bankruptcy Clinic for informational purposes only and are not legal advice. This is general information only. No information posted here or materials provided are intended to constitute legal advice. Chicago Bankruptcy Clinic cannot guarantee the accuracy of posted information as each individual situation may vary. Consult an attorney before filing bankruptcy.