Debt ridden consumers, cash-strapped businesses, and uninsured hospital patients may all find themselves asking whether consulting with a bankruptcy attorney in Chicago can help their financial future. To address these questions, you should understand the bankruptcy options available and to which situations they are best suited. A bankruptcy attorney in Chicago can help explain the various bankruptcy options to you. A Chicago bankruptcy attorney can also help you prepare and file the necessary court documents for each specific type of bankruptcy.
When a Chapter 7 bankruptcy is filed, all of a person’s debts are forgiven, unless the debt is reaffirmed, and their assets are liquidated in order to repay creditors a portion of what they are owed. Certain property is protected from liquidation up to a certain amount depending on the type of asset. Since Chapter 7 bankruptcy is not available for everyone because there are income and debt limitations, a bankruptcy attorney in Chicago will consult with you to determine whether you are eligible for Chapter 7 bankruptcy. If you are eligible for Chapter 7 bankruptcy, a Chicago bankruptcy attorney will help you to determine whether it is in the best interests of your financial future to undergo liquidation to rid yourself of your debts.
When a Chapter 13 bankruptcy is filed, a debtor enters into a repayment plan with the court’s approval. Those unsecured debts that remain at the end of the repayment period are forgiven. A person must meet certain income and asset limitations in order to be eligible for a Chapter 13 bankruptcy. A bankruptcy attorney in Chicago can analyze your financial situation in order to determine whether you meet the eligible requirements and whether a Chapter 13 bankruptcy is in your best interests. If you own your home and wish to keep your mortgage and avoid foreclosure, Chapter 13 may be the best option for you. A Chicago bankruptcy attorney will help you to complete and file the detailed court documents that must be submitted with a Chapter 13 bankruptcy and appear in court on your behalf as necessary.
If a person does not meet the income and asset limitations of Chapter 13 bankruptcy but wishes to avoid asset liquidation, a Chapter 11 bankruptcy may be the best option. Like a Chapter 13 bankruptcy, a repayment plan must be approved by the court when a Chapter 11 bankruptcy is filed. The debtor can avoid asset liquidation but he or she will be required to use all disposable income during the repayment period to repay debts. Any remaining unsecured debt will be discharged. A Chicago bankruptcy attorney can explain the repayment plan process to you. A bankruptcy attorney in Chicago can also help you file the necessary documents with the court and appear on your behalf at any court proceedings.
Loopbankruptcy.com is best firm of bankruptcy attorneys and lawyers in chicago, which work for debt settlement or debt relief. Call 866.525.3529 for a free consultation with a bankruptcy attorney at Lakelaw – Loop Bankruptcy in Chicago, Illinois.