Bankruptcy Lawyer Crystal Lake IL – ASM Law
For anyone who is facing financial difficulties, it can become a very stressful experience. Falling behind on bills and harassing calls from collections can seem overwhelming. For those struggling with rising debts, filing for bankruptcy offers a way to protect assets and restore finances. Practically any individual or business entity may file for bankruptcy. If you are considering doing so, contact ASM Law and speak with our Bankruptcy Lawyer Crystal Lake IL. Expert legal advice is the first step toward resolving your debts.
To be eligible to file for bankruptcy, there are a few requirements. For example, the filer must own property, have a permanent residence or place of business in the USA. Also, the filer must complete a financial counseling program – although there are some who may be exempt.
If you’re uncertain if you’re eligible for a bankruptcy filing, consult with a Bankruptcy Lawyer Crystal Lake IL.
When filing as an individual, most people choose either Chapter 7 or Chapter 13 filings. Which one you select depends and your specific needs and finances. A bankruptcy lawyer can advise which chapter may be most appropriate for your situation.
Chapter 7 bankruptcy filing discharges some categories of debt. For example, credit card debts, personal loans and medical bills. While a Chapter 7 filer doesn’t need to follow a payment plan, he or she may end up relinquishing some of their property. Also, this type of bankruptcy will not help the filer keep their home or vehicle if they’re overdue on payments. To qualify for a Chapter 7 discharge of debts, the filer’s income must be sufficiently low enough.
Bankruptcy Lawyer Crystal Lake IL – ASM Law
Alternatively, a Chapter 13 bankruptcy filing is the appropriate choice for those who want to keep their home or car. However, although the filer can retain their property, they must have income high enough to enter a repayment plan. Typically, the plans are on a schedule on three to five years. Additionally, the filer’s debt cannot surpass maximum limits on secured debt. This form of debt includes car and home loans.
Because the circumstances of each potential filer are unique, applying Illinois bankruptcy law can be complex. For that reason it’s essential to hire a Bankruptcy Lawyer who will protect your rights.
In some cases, a bankruptcy filing is a viable option even if you do not have significant debt. Certainly, it is not a necessity to owe a specific dollar amount of debt to file. Everyone’s financial condition is different. Debts that cause one person to fall into financial trouble might not be equally problematic for another.
For many, the ability to pay creditors depends upon how much of their income they need for basic expenses. For example, a relative minor debt can be financially distressful for someone living from one paycheck to the next. In that situation, a bankruptcy filing will likely make financial sense.
If you are considering bankruptcy but don’t have large debts, a few issues to review before filing include:
-The amount of debt you actually owe. Will filing for bankruptcy wipe out the category of debt you carry?
-Are you currently facing litigation, wage garnishment or other sort of collective action?
Get Legal Help If You Are in Debt – Protect Your Assets
It’s essential to remember that discharging debt comes along with consequences for the long term. Bankruptcy will impact your credit score and appear on your report for several years. In some instances, it remains on a credit report for up to ten years. Also, some courts are less likely to grant bankruptcy for people with low debt amounts. A Bankruptcy Lawyer Crystal Lake IL review your situation and advise you on the best legal plan of action.