It is difficult to determine whether a bankruptcy is the right path. Many consumers are confused by what they have heard from friends or family, or what they have read online. An attorney can help you to decide whether a bankruptcy would help.
In a Chapter 13 repayment plan, consumers repay part or all of their debt through a plan which is approved by the Court. The payments typically last between three and five years. The payment is calculated based on what consumers can afford out of their regular paycheck or other source of income.
Most consumers who seek protection under the bankruptcy laws file under Chapter 7. Chapter 7 bankruptcy is typically a short process, lasting only about 4 months from the day the case is filed until the discharge.
Chicago Suburban Bankruptcy Attorney
- I understand that nobody wants to talk with a lawyer about bankruptcy. I've learned over the years that clients filing for bankruptcy are not trying to avoid their responsibilities, but rather are looking to alleviate the realities of a difficult situation. You owe it to yourself to consider all of your options. I look forward to meeting you, answering your questions, and helping you and your family.
There is no shortage of misinformation and misunderstandings surrounding bankruptcy. We hope to dispel some of these myths here.
Any legal process can seem confusing when viewed from the outside. Here, we will try to describe the process so it does not seem so daunting.
If you are planning to file, there are steps you can take now, even before you speak with an attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Disclaimer.