In the face of debt and creditor harassment, it is easy to think you have no options. Fortunately, nothing could be further from the truth. Federal bankruptcy law gives debtors just like you the opportunity to file for bankruptcy in order to get a fresh start. By taking the proper steps, you could have your debts discharged through bankruptcy.
Unlike Chapter 13, Chapter 7 is a way to obtain immediate debt relief and regain financial stability with a fresh start. This process is a viable solution for many individuals who cannot get out from under their troubling financial situation. It is important to have a knowledgeable Chicago bankruptcy attorney help you determine your best option for debt relief. With Attorney Joseph P. Doyle, you can benefit from time-tested advice and dedicated counsel.
After you have completed bankruptcy and debts have been discharged, you may no longer be liable for those discharged debts. In some cases, debtors can reaffirm secured debts to reinstate their previous legal obligation. For example, they may be able to reinstate a prior mortgage, making regular payments as they stay in the house. Some types of debt, however, cannot be discharged. Classic examples include:
Chapter 7 bankruptcy involves liquidating a debtor’s nonexempt assets. In this situation, the trustee will take possession of the debtor’s property and liquidate any assets that are unprotected. During this process, the assets will be sold and funds will be paid to creditors. Under the bankruptcy code, the debtor will be allowed to retain certain basic assets, which are the exempt property.
There is only one way to know whether or not filing for bankruptcy is the right choice for you, and that is to discuss your options with a Chicago bankruptcy attorney to fully understand the benefits and disadvantages of each. If you initiate the Chapter 7 bankruptcy process blindly, you could find yourself in trouble later. At our firm, we fully understand the scope of bankruptcy law and can even dispel some of the common bankruptcy myths that you may have heard.
Contact a Chicago bankruptcy lawyer at our firm today!