Bankruptcy Lawyer Hoffman Estates IL – ASM Law
Filing for bankruptcy is a major decision. Under the right circumstances, bankruptcy offers protections and can eliminate debts. For many people it offers a way to get a fresh financial start. However, there are some disadvantages to a bankruptcy filing too. For example, a bankruptcy filing may remain on your credit report for as long as ten years. So, if you’re falling behind on bills, how do you determine if bankruptcy will be the right decision? A good starting point is to review a few important facts about bankruptcy. Another smart move is to call our law firm and speak with a Bankruptcy Lawyer Hoffman Estates IL. We help people in situations similar to yours every day. If bankruptcy is an option for you, we can guide you through the process to achieve the best results.
The Different Versions of Bankruptcy
There are different types of bankruptcy chapters that resolve different types of financial problems. Your Bankruptcy Lawyer Hoffman Estates IL can recommend which one will be right for you.
-Chapter 7 bankruptcy. With Chapter 7, the filer is able to wipe away the majority of credit card debts. In addition, it can clear debts like medical expenses, utility bills and personal loans while retaining property too. For instance, businesses might choose to file this type of bankruptcy while closing down.
-Chapter 11 bankruptcy. This form of bankruptcy permits businesses or individuals with significant debt to work with their creditors. Through negotiations, the debtors can work out a plan to repay what they’re able to afford. This is the chapter that most businesses typically choose if they want to stay open.
ASM Law – Bankruptcy Lawyer Hoffman Estates IL Serving Cook, Kane and McHenry Counties
-Chapter 13 bankruptcy. This enables individuals to pay their creditors a part or even all of what their debt via a payment plan. Usually, the repayment schedule is spans three to five years. A notable aspect of Chapter 13 is that it enables filers to get caught up on mortgage or vehicle payments.
Bankruptcy and Your Financial Documents
Bankruptcy involves disclosing your complete financial condition. Naturally, that’s how you’ll get a clear view at your debts and income. Also, financial records will help your Bankruptcy Lawyer Hoffman Estates IL determine if bankruptcy is an option for you. Or, your lawyer may advise an alternative to bankruptcy.
Some of the financial documents to collect include:
-Proof of your income. Collect paycheck stubs, unemployment insurance stubs and earning statements. For the self-employed, collect your profit/loss statements.
-Taxes. Collect your last three or four years of federal income tax statements. Additionally, collect your bank, investment and retirement account statements.
-Bills. Gather recent bills from creditor, such as those that display the existing balance on your car loans and mortgage.
-List of properties. Prepare a thorough list of assets you own. For example, real estate, furniture, vehicles, household appliances and other property. Include each item’s value along with the equity you hold in the items.
Exempt properties. Talk with your Lawyer about using exemptions to protect your property.
Eliminating Debts and Saving Property
Bankruptcy filing can help wipe away a significant amount of debt. However, there are some debts it cannot eliminate. To prepare for meeting with your bankruptcy lawyer at ASM Law, organize a list of all your current debts. Include each creditor and the amount you owe to that creditor.
Get Help Today – Talk to a Bankruptcy Lawyer
Your lawyer can advise you on which debts bankruptcy will discharge. The type of debts that bankruptcy cannot eliminate include student loans, overdue child support and alimony payments.
Time is a factor if you are struggling with debts. The sooner you seek legal help, the sooner you can start to get back on your feet financially! Call ASM Law today and schedule a consultation.