If you are dealing with way more debt than you can handle, it can be a stressful situation. Not only do you have to try and think of ways to pay off your debt, but you also have to deal with the threatening phone calls and threats of being taken to court over the money you owe. This can put even the calmest people under stress. When your debts are coupled with the loss of a job or caused by unexpected medical bills, it can be more than you can handle. To dramatically improve your financial situation and get the help you need to get out of your debt, you need to seek assistance from chapter 13 bankruptcy attorneys in Chicago.
What Happens When You File Chapter 13 Bankruptcy?
Filing for bankruptcy can be a confusing process for some people, because there is so much paperwork involved. This is where hiring chapter 13 bankruptcy attorneys in Chicago can greatly help you. You will first need to provide information on your income and all of the assets you own. In Chapter 13 bankruptcy, you are not required to liquidate any of your assets, but you will need to list them on the bankruptcy petition. You will also need to list your monthly income, so the court can make the decision on the monetary amount you will pay each month, to settle the debts you owe.
As a part of filing for bankruptcy, you will also need to provide information on all of the debts you owe. It is imperative you list every single debt, because any of them left off will be your responsibility to pay. Your creditors will have the ability to pursue you for the debt, even if you have been approved for your bankruptcy. This could mean garnishment of your wages or being summoned to court.
The time period for your bankruptcy will depend on the debts you owe. Most people are able to successfully pay off their debts in a period of three to five years. The judge will make the decision on the time period for your bankruptcy and will enforce your monthly payment amount.
If you are in way too much debt and need help with filing for bankruptcy, contact Lake Law. They can assist you through the entire process and help you to free yourself of the debt you are in.