Filing for bankruptcy can be a difficult process, and it’s important to have legal assistance from a Chicago Chapter 13 bankruptcy lawyer at Therman Law Offices to make sure your petition gets filed correctly the first time. Learn about what you can expect from the filing process and how you can benefit from having an experienced bankruptcy lawyer.
Are you eligible?
A lot of people have been burned by bankruptcy. If you have unpaid debts and few assets, you may be eligible for Chapter 7 bankruptcy. However, if you have a steady income and some property to protect, Chapter 13 might be more beneficial to your situation. There are strict eligibility requirements for each type that differ from person to person; not meeting those requirements can result in denial or dismissal. In either case, it’s important to consult with an experienced lawyer who is familiar with local laws and court proceedings related to bankruptcies before making any decisions regarding your finances.
When should you file for bankruptcy?
It’s easy to get into debt, but hard to get out. Filing for bankruptcy can be scary, but it’s also an important way to breathe fresh air into your finances if you need it. Knowing when to file is an important decision — one that shouldn’t be made without considering all your options and consulting a qualified attorney. The most important things to look at are: 1) how much money you owe and 2) how much cash you have coming in (or going out). Ideally, having $0 in monthly income and 0 dollars in monthly expenses means that filing for bankruptcy is really your only option.
What does it mean to file for bankruptcy in Illinois?
Filing for bankruptcy in Illinois is an important and potentially life-changing step that requires you to work with professionals who are adept at helping clients navigate their way through both Chapter 7 and Chapter 13 proceedings. The lawyers at Therman Law Offices know what it takes to get people back on their feet after filing for bankruptcy. We can explain why filing for a Chapter 7 or Chapter 13 proceeding is necessary, what each one entails, how we may be able to help our clients avoid foreclosure on their homes, and how we can help them reduce their debt over time. We’ll work hard to ensure you know your rights and responsibilities under each filing type so that you feel comfortable moving forward with your case.
Should I hire an attorney?
Whether you’re going through a difficult time in your life or just want to increase your chances of getting debt discharged, it’s important to work with an attorney. Hiring an attorney who is knowledgeable about bankruptcy law will help ensure that all assets are protected and that any liens are included in your plan. It’s important to understand that, unlike other types of law, when you file for bankruptcy it’s not just yourself on the line; it’s everyone who has ever done business with you and anyone else who might be affected by your personal financial situation.
Contact an attorney today.
If you’re in over your head with debt, one option for reducing it is filing for bankruptcy. There are two kinds of personal bankruptcy: Chapter 7 and Chapter 13. To begin either process, you need to get in touch with an attorney who specializes in bankruptcy law. Don’t make any decisions about your situation without first consulting someone who can offer clear answers and sound advice about your options. Reach out to a Chicago Chapter 13 Bankruptcy Lawyer at Therman Law Offices today for more information!
Benefits of Chapter 13 Bankruptcy
If you’re drowning in debt, you may be thinking about filing for bankruptcy with the help of a Chicago Chapter 13 bankruptcy lawyer. However, you may be unsure of whether to file Chapter 7 or Chapter 13 bankruptcy. While Chapter 7 bankruptcy may wipe out most of your debts, there are still many advantages to Chapter 13 bankruptcy. Here are a few benefits of this bankruptcy.
- Less upfront money. When you’re struggling with debt and your finances, you may struggle to come up with money to file bankruptcy. That’s one good reason to consider Chapter 13 bankruptcy. Many people are unaware that filing for Chapter 13 bankruptcy has less upfront costs than filing for Chapter 7 bankruptcy.
- Prevent foreclosure. Many people who are deep in debt are in danger of losing their homes. If you’re currently in this situation, you may feel very stressed out. However, if you declare Chapter 13 bankruptcy, you may be able to save your house from foreclosure. Under a Chapter 13 plan, you may be able to split up your past-due payments into smaller and more manageable amounts.
- Keep a vehicle. Filing for Chapter 13 bankruptcy may also help you keep your car. You may be able to reduce your loan to match the current value of your car.
- Learn to budget better. Bankruptcy is a good time to reassess your finances and budget. Learning how to budget better can help you avoid getting into the same situation in the future. Chapter 13 bankruptcy actually requires you to develop a realistic budget with your Chicago Chapter 13 bankruptcy lawyer.
- Chapter 13 bankruptcy stays on your credit report for a shorter time. After you file for bankruptcy, your credit rating will take a hit. This can make it more difficult to get approved for credit cards and loans. However, if you file for Chapter 13 bankruptcy, your credit may suffer a little less. Chapter 13 only stays on your credit report for seven years, while Chapter 7 stays on it for 10 years.
- Rebuild credit. Creditors tend to look more favorably on those who file Chapter 13 than those who file for Chapter 7. This is because you’re still paying something back, even if it’s a smaller amount. They may be more willing to take a chance on you in the future.
- Switch to Chapter 7 in the future. Even if you declare Chapter 13 bankruptcy right now, you still may be able to convert to Chapter 7 later if necessary. For example, if you lose your job and have no income to pay your debts, you may qualify for Chapter 7.
- Keep tax refund. Many people look forward to receiving a tax refund at the beginning of the year. However, if you declare bankruptcy, you might be worried about losing your refund. However, as a Chicago Chapter 13 bankruptcy lawyer can attest, if you file for Chapter 13 bankruptcy, you may be able to keep your refund.