Chicago Bankruptcy Lawyers
Get Legal Advice & Determine Whether Bankruptcy Will Help You
Sometimes filing for bankruptcy is the best option, especially when multiple collectors are suing you. But it doesn’t have to impact your credit for years. In fact, some companies seek out recently bankrupt customers soon after the bankruptcy because they know you no longer have collectors after you and as a result have more disposable income for credit related products.
If you’re considering filing for bankruptcy in Chicago, reach out to Community Lawyers Group. We can determine whether bankruptcy will help in your situation and guide you safely through the process.
Call (312) 757-1880 or fill out our online contact form to schedule a free legal consultation with someone from our office who can help!
Options When Filing For Bankruptcy
When most individuals file for bankruptcy, they file under Chapter 7 or Chapter 13 of the federal bankruptcy code. The vast majority of Community Lawyers Group bankruptcy clients do no-asset Chapter 7 bankruptcies, which means we file the papers, the court holds a meeting and you receive your discharge in a couple of months.
Those with a lot of equity in their home, business income or luxury goods (vacation homes, etc.) may not qualify for Chapter 7. Chapter 13 bankruptcy involves creating a structured repayment plan for a small portion of debts owed over 5 years, while preserving your assets.
Both types of bankruptcy have the debtor work with an impartial trustee who will interact with the creditors and disburse payments.
Regardless of what chapter you file under, there are some debts you will not be able to discharge or mitigate.
Bankruptcy will not remove the following kinds of debt:
Alimony payments
Government student loans, taxes, or other penalties
Student loans
Child support
Reaffirmed debts, where you have recommitted to payment
Options When Filing For Bankruptcy
When most individuals file for bankruptcy, they file under Chapter 7 or Chapter 13 of the federal bankruptcy code. The vast majority of Community Lawyers Group bankruptcy clients do no-asset Chapter 7 bankruptcies, which means we file the papers, the court holds a meeting and you receive your discharge in a couple of months.
Those with a lot of equity in their home, business income or luxury goods (vacation homes, etc.) may not qualify for Chapter 7. Chapter 13 bankruptcy involves creating a structured repayment plan for a small portion of debts owed over 5 years, while preserving your assets.
Both types of bankruptcy have the debtor work with an impartial trustee who will interact with the creditors and disburse payments.
Regardless of what chapter you file under, there are some debts you will not be able to discharge or mitigate.
Bankruptcy cases handled by a lawyer tend to be much more successful because lawyers can help with the following:
Making sure all documentation is filed correctly, preventing mishaps that can undo your case
Negotiating payment terms with creditors
Requesting changes to your payment plan, or early discharge if your financial circumstances change
Protecting your property from liquidation by arguing for an exemption
Keeping creditors from overstepping their bounds and ensure your legal protections are respected
We don’t recommend taking on this difficult process alone. Engage the services of an affordable, trustworthy attorney by reaching out to Community Lawyers Group. We treat our clients with respect and dignity, and we focus on helping you solve your problems and giving you peace of mind. Reach out for a consultation and see how we can help you.
We don’t recommend taking on this difficult process alone. Engage the services of an affordable, trustworthy attorney by reaching out to Community Lawyers Group. We treat our clients with respect and dignity, and we focus on helping you solve your problems and giving you peace of mind. Reach out for a consultation and see how we can help you.
Reach our Chicago bankruptcy attorneys’ office by filling out our online contact form to tell us you’re interested in scheduling an appointment with us today!
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