When debt becomes difficult to manage, understanding your legal options can help you make informed decisions about your financial future. A bankruptcy attorney in Chicago can explain how bankruptcy works, review your financial circumstances, and help you determine whether Chapter 7 or Chapter 13 may be appropriate for your situation.
Bankruptcy may provide options for individuals dealing with credit card debt, medical bills, collection activity, wage garnishment, foreclosure concerns, and other overwhelming financial obligations.
How a Bankruptcy Attorney Can Help
Bankruptcy involves important legal and financial considerations. An attorney can review factors such as your income, debts, property, assets, and financial goals before explaining the options that may be available.
A bankruptcy attorney may assist with:
- Evaluating Chapter 7 and Chapter 13 options
- Reviewing debts, income, assets, and property
- Explaining bankruptcy eligibility requirements
- Identifying applicable bankruptcy exemptions
- Preparing and filing bankruptcy documents
- Explaining the automatic stay
- Addressing creditor and collection issues
- Preparing for bankruptcy trustee meetings
- Guiding you through the bankruptcy process
Chapter 7 Bankruptcy Attorneys
Chapter 7 bankruptcy may allow qualifying individuals to discharge certain unsecured debts, including credit card balances, medical bills, personal loans, and some collection accounts.
Eligibility depends on income, assets, previous bankruptcy filings, and other circumstances. A bankruptcy attorney can help you understand the requirements and how your property and debts may be treated.
Chapter 13 Bankruptcy Attorneys
Chapter 13 bankruptcy generally allows eligible individuals with regular income to reorganize certain debts through a court-approved repayment plan.
Chapter 13 may be considered by people who need additional time to address past-due obligations, including some homeowners who have fallen behind on mortgage payments.
Bankruptcy Help for Different Types of Debt
People consider bankruptcy for many different reasons. Depending on your circumstances, bankruptcy may help address financial problems involving:
- Credit card debt
- Medical bills
- Personal loans
- Collection accounts
- Creditor lawsuits
- Wage garnishment
- Mortgage arrears
- Foreclosure
- Certain tax obligations
- Other qualifying debts
Not every debt can be discharged in bankruptcy, and the treatment of individual debts depends on the circumstances of the case.
Talk With a Bankruptcy Attorney in Chicago
If you are struggling with debt, learning about bankruptcy can be an important first step. A Chicago bankruptcy attorney can help you understand Chapter 7, Chapter 13, and other considerations that may affect your decision.
Request a consultation to discuss your financial situation and learn more about the bankruptcy options that may be available to you.
