Although we work on a daily basis to assist individuals to obtain debt relief, we never lose sight of the fact that deciding to file for bankruptcy is a highly personal and important decision. If you are reading this page, it is likely that you are experiencing severe financial difficulties or are concerned that you soon will.
Fortunately, we operate on the principle that nearly any financial or debt problem can be resolved. You don't need us to tell you that freedom from overwhelming debts and once again being in control of your finances is a worthy goal. What you may not be fully aware of is that while it can take some hard work, it is a goal that is achievable. Millions of Americans in situations similar to your own have done it.
We are known as a bankruptcy firm but a more accurate title might add the words "and alternatives to bankruptcy." Our attorneys are actually solvers of financial problems. There are definitely numerous benefits of bankruptcy and there can be a much better life after bankruptcy. For many, it is the exact right tool to resolve overwhelming debt and the problems that come with that situation.
With our firm, however, if bankruptcy is not the correct tool to overcome your debt problems, then we work hard to find what is and get that swiftly implemented. This is where having a firm that is intimately familiar with multiple methods of resolving debts can be of great assistance to you and your family.
We offer a free consultation with our knowledgeable lawyer so we can understand your specific situation and can better explain what our firm can do for you. We work to provide you with a clear bankruptcy overview along with information on preparing for the process. When you have complete and accurate information, you are able to make wise decisions in a timely manner. Alternatively, financial situations only worsen with time; they don't improve.
Bankruptcy is a court-based process intended to provide you with a fresh start to your finances. It accomplishes this by legally discharging your debts. It begins with a standardized procedure called a " means test" that establishes your eligibility for bankruptcy. Once we have verified that you will be able to file, we then review the types of bankruptcy to determine which will be most favorable to you.
Chapter 7 allows an individual or business to sell certain assets to pay off specific debts. In addition, the court can discharge other debts so that at the end of the procedure, you can be debt free or nearly so. Exemptions in bankruptcy law commonly permit you to retain your home, IRAs, 401K plans, vehicles and other important assets. Debts for personal loans, medical expenses and those from credit cards can be relieved, though, through Chapter 7 bankruptcy.
Chapter 13 utilizes a repayment plan that we formulate in accordance with the law and tailored to your finances. This plan allows you to pay off your debts, in a realistic manner, over a 3 to 5 year period. Like Chapter 7, this chapter is designed to bring about a release from your debts and a new financial beginning.
It is important for you to know that once we file your bankruptcy petition, the court will issue an "automatic stay" against any actions to collect on your debts. This means that all forms of creditor harassment can be brought to an abrupt halt. In addition, bankruptcy can prevent or stop repossessions, wage garnishment, debt lawsuits and attempts to foreclose on your home. For many individuals, the issuance of the stay order by the court starts the process of financial peace of mind and the fresh start that bankruptcy is known for.
Not everyone will qualify for bankruptcy. For some, there can be better ways to resolve their financial problems. We utilize debt consolidation, debt settlement and other actions for the same reason as filing for bankruptcy on your behalf. In an affluence town such as Oak Park, good people can get into serious debt trouble and need help. We strive to assist individuals to a brighter financial future.
Contact an Oak Park bankruptcy attorney from our firm to learn the facts about bankruptcy and how it can help you achieve debt relief.