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!