A Chicago bankruptcy lawyer from Therman Law Offices provides personal and business bankruptcy services in Chicago and the entire state of Illinois. With more than 20 years of experience, our lawyers know how to help you through difficult times while also getting you back on your feet financially. Whether you need assistance with Chapter 7 or Chapter 13 bankruptcy, we can help you develop a plan to get out of debt and put yourself back on the right financial track. We look forward to working with you!
What Is bankruptcy?
Before we begin our discussion of how to find a bankruptcy lawyer, it’s important to have a basic understanding of what bankruptcy is. A chapter 7 bankruptcy is officially known as an individual case and involves unsecured debt. This means that your debts are not secured by assets like a house or car, so those items will not be taken away from you if you cannot pay back what you owe. The bankruptcy court wipes out debts such as credit card balances, medical bills, payday loans and personal loans; when these debts are wiped out, they’re said to be discharged or canceled. People who need to file for bankruptcy may also do so under Chapter 13 if they can pay back at least part of their debt over time through court-ordered payments.
How Does The Process Work?
The process is fairly simple and straightforward, but there are still steps that must be taken to ensure a positive outcome. Therman Law Offices will take you through the process step by step and answer any questions you may have along the way. Here’s a brief description of how bankruptcy works: after filing, the debtor is generally released from his or her debts approximately three months after being declared bankrupt. Being released means you no longer have to make payments on your debts. A bankruptcy can also lead to reduced interest rates and payments on debt that wasn’t eligible for discharge (such as taxes). The stigma surrounding bankruptcy has all but disappeared over the years; it’s now become more of a financial solution rather than something people only turn to when they fail.
In addition to securing a fresh financial start, declaring bankruptcy can help you manage a number of issues, such as eliminating old debts that are negatively impacting your credit score. Depending on where you live and work, there may be other options available to help you get back on track financially. For example, some states allow filers to convert certain types of debt into a court-approved payment plan rather than wiping it away entirely. This is called debt restructuring and can give people breathing room to try and get back on their feet without being forced into bankruptcy. It is important to know all your options, and a Chicago bankruptcy lawyer from Therman Law Offices will walk you through all this.
How To Avoid Personal Liability
If you’re considering filing for bankruptcy, make sure that your actions don’t jeopardize your own personal assets. For example, you shouldn’t transfer property to other people if you want to keep it out of creditor hands during bankruptcy. As a general rule, avoid taking any action that would endanger any of your property or financial holdings while you’re waiting to file a petition with your local bankruptcy court. You may not know exactly what to do — but getting advice early can help make sure everything goes smoothly before, during and after your petition is filed. If you have further questions regarding personal liability and bankruptcy, contact our team at Therman Law Offices right away; we’ll get back to you quickly and work tirelessly until we find an answer!