If you are burdened with plenty of debt, filing for bankruptcy is the right choice. Since it’s a legal process and requires attention to detail, you should hire an experienced lawyer who will help you make informed choices for your financial well being.
If your debt has grown to such an extent that you are considering filing for bankruptcy, you should seek some expert advice as you might not even have a clue about this procedure. After doing some online research, you might have learned by now that the first step towards declaring yourself bankrupt is to file for bankruptcy through the bankruptcy court. But that’s not enough, you need legal assistance. Whether you live in a metropolitan town such as Chicago or places like Bensenville or Batavia, you can find a good lawyer to guide you through the process of filing for bankruptcy.
The basic purpose of Chapter 7 Bankruptcy Law is to provide an immensely indebted person some solace. In this process, you get a discharge of all your nonchargeable debts within a few months. Also known as a straight bankruptcy, Chapter 7 bankruptcy wipes out your debts and gives you a chance to make a fresh new start. When you file through Chapter 7, all actions against you are brought to a halt. Utility shut off, auto repossessions, wage garnishees and unsecured judgments are ceased. In case you don’t qualify for a Chapter 7 bankruptcy, the other option is Chapter 13.
Reorganization bankruptcy, widely known as the Chapter 13 bankruptcy is usually filed by those who can pay off their debts over three to five years. If you fall behind on your mortgages, auto payments, have non-exempt assets you want to keep or make up for the missed payments, you can file for Chapter 13. This is three to five year plan that lets you clear off your debts of which a portion will be discharged as well. Its main benefit is that you can keep your property even the one that’s non-exempt.
Your bankruptcy lawyer will put all your financial information together for filing your voluntary petition. After filing the papers, a trustee will be appointed for your case. S/he will examine whether the info provided by your lawyer is accurate and adequate or not. Afterward, your creditors are notified about your bankruptcy filing. The notification is to stop them from taking any actions to get the payments from you.
Knowing the kinds of bankruptcy filing procedure is at odds from understanding the legal terms. Hiring a proficient bankruptcy lawyer will make all the complicated legal work much easier. You need to find a good bankruptcy lawyer who will guide you through the filing for bankruptcy procedure. Instead of calling the first name that appears on the yellow pages, you should do some homework to find a good bankruptcy lawyer. If you pick out a lawyer randomly, there are more chances of you jeopardizing your financial future. You are already in a financial crisis, so there’s no point in adding more to it. Search for a good law firm in your area, you can get aid from the search engines.
The firm you choose to represent you should have qualified lawyers with considerate amount of experience in the bankruptcy law field. Bankruptcy Law is much different from any other legal aspect, so make sure that your lawyer is qualified. S/he should have a high degree of knowledge and expertise in debt relief and bankruptcy litigation. Since it’s a legal process, each and every decision should be made with much concern. Just ensure that your Villa Park bankruptcy lawyer deals your case with much patience and diligence.
This article has been written by an expert associated with The Law Offices of Nella E. Mariani, a law firm that provides legal services in Illinois. Whether you live in Bloomingdale, Chicago, Bensenville or Elmhurst bankruptcy lawyer of the firm will assist you through the whole process.