Chicago Bankruptcy
Chicago Bankruptcy
A good time to look into filing bankruptcy is when your financial strain becomes overly burdensome to you or your family. If you feel that filing bankruptcy would be a good option for you, then it is essential for you to speak with a bankruptcy lawyer in your area. A Chicago bankruptcy attorney will be able to discuss the various avenues available for your situation and advise you as to which would be the most advantageous for your situation. The final decision is yours to be made, but making a well-informed decision that is specifically tailored to your needs is essential.
Chapter 13 bankruptcy is well suited for individuals who have temporarily been struck by financial hardships that have resulted in them falling behind on payments to their secured creditors (vehicle or home). Speaking with a bankruptcy attorney and filing a Chapter 13 bankruptcy will prevent a creditor from repossessing your property and allow you to get back on track with these debts. By the time your case is discharged you will have paid back the amount for which you originally sought relief. In addition to catching up on your secured debt a Chapter 13 bankruptcy will erase all of unsecured debt that you had at the time of filing.
A Chicago bankruptcy attorney would also be able to help you file a Chapter 7 bankruptcy. Chapter 7 bankruptcies are much quicker than Chapter 13 filings and can be filed and discharged in anywhere from 90 – 180 days. However this quicker solution does not allow for repayment plans to your secured creditors, so an individual must be able to get current with those debts on which they are behind or they will be forced to surrender the property in question. Surrendering property and filing a Chapter 7 can offer a very quick path to being debt free.
Regardless of which avenue you choose, speaking with a Chicago bankruptcy lawyer is the first step to take in looking for a fresh start.
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