You Have Options

If you’ve never filed for bankruptcy, you may be surprised to learn that not all bankruptcy filings are the same or accomplish the same goals. A Chapter 13 bankruptcy is somewhat different from a Chapter 7 bankruptcy. Before you file any bankruptcy, you must know what the differences are and why people pick one over the other. If your debts are mounting and you’re in or near Chicago, an experienced Chicago bankruptcy lawyer can explain your bankruptcy options and your other legal and financial alternatives. Some people choose a Chapter 13 bankruptcy, for example, for these reasons:

– They can arrange and follow payment plans to work through their debt over time.
– They may keep property that would otherwise have been repossessed.
– They may keep their homes if they were in danger of foreclosure.
– They do not have to sell off all of their assets.
– Debt can be entirely eliminated at the conclusion of the bankruptcy, providing them with a clean financial slate.
– If you have filed a Chapter 7 bankruptcy in the previous eight years, Chapter 13 is your only remaining bankruptcy option.

A good bankruptcy lawyer can help you determine if Chapter 7, Chapter 13, or some other alternative is right for you. Knowing how the different types of bankruptcy will affect you is imperative when you face mounting debts and have no way to pay them. Bankruptcy is the legal way to get a fresh start, and not just for individuals and families. Corporations and even cities are now using bankruptcy laws to restructure their debts and establish a fresh financial beginning. Nevertheless, bankruptcy isn’t for everyone, and a good bankruptcy lawyer may be able to recommend better alternatives. In the Chicago area, have an experienced Chicago bankruptcy lawyer review your financial situation and suggest the options and solutions that are in your best long-term interests.