Thousands of people will require assistance from Chicago bankruptcy lawyers at some point and this is nothing to be embarrassed about. Before you contact Chicago bankruptcy lawyers, it is essential to learn a little bit about chapters 7, 11 and 13. These are the most common chapters to get involved with and by understanding the basics of each one, you can ensure that your help from Chicago bankruptcy lawyers will not be wasted.
Chicago Bankruptcy Lawyers – Chapter 7
This is the most popular and most frequently used service from Chicago bankruptcy lawyers. Chapter 7 is supplied by all experienced Chicago bankruptcy lawyers and it aims to relieve debts in 4-6 months. This process will include liquidation of the property owned by a person in debt. This will enable the debtor to pay a creditor the money owed, without the financial struggle worsening. Meetings will take place with this option and petitions must be filled out accurately. After the trustee analyses the debtor’s position with finances, they can choose whether or not a discharge is appropriate. Most Chicago bankruptcy lawyers are successful in wiping out debts this way.
Chicago Bankruptcy Lawyers – Chapter 11
If you are an individual, part of a partnership or corporation, then Chapter 11 services from Chicago bankruptcy lawyers may be the best option. Mostly, expansive businesses will handle their debts with Chicago bankruptcy lawyers through this approach, due to its positive outcome. Meetings with a lawyer will ensure that a plan is drawn up and this plan is made use of to get the creditor on your side. Most people will notice that Chapter 11 is the most flexible of all options and once the process is complete, Chicago bankruptcy lawyers will offer advice and enable the individual or corporation to maintain every asset, with debts being discharged.
Chicago Bankruptcy Lawyers – Chapter 13
Another service supplied by Chicago bankruptcy lawyers is Chapter 13, which generally takes 3-5 years to complete. This is also known as a ‘Payment Plan Bankruptcy’ and when you contact Chicago bankruptcy lawyers, information relating to the debtors financial situation and employment should be given. The reason for this is that Chapter 13 works to expend owed funds to a creditor with money taken from the debtor’s wages. A benefit of this option is that other payments relating to mortgages and cars can be caught up on while the process is taking place. Professional Chicago bankruptcy lawyers can assist in relieving stresses even further when you file for Chapter 13 too, by reducing interest rates to creditors.
If you are unsure about what chapter would suit you in your financial circumstances, you should consult with acclaimed Chicago bankruptcy lawyers. When you visit Ledfordwu.com, you can speak with an expert who can advise you on your options and what the best route to go down may be.