How a Bankruptcy Attorney in Chicago Can Help [mortgageapply.blogspot.com]
www.ChicagoMoneyProblems.com Chicago Bankruptcy Lawyer If times are hard financially and you think you may be overwhelmed by debt, then maybe Chapter 7 bankruptcy is the option for you. A Chicago bankruptcy lawyer can help. This is the process of seeking the court's help against adverse...
mortgageapply.blogspot.com Chicago Bankruptcy Lawyer - Find a Chicago Bankruptcy Lawyer
Stockton, a river port of 290000, was the seventh U.S. municipality to file this year and the first California city since Vallejo, which sought protection in 2008, according to James Spiotto, a Chicago bankruptcy attorney who tracks municipal bankruptcies. Stockton to be largest US city to file bankruptcy
Debt ridden consumers, cash-strapped businesses, and uninsured hospital patients may all find themselves asking whether consulting with a bankruptcy attorney in Chicago can help their financial future. To address these questions, you should understand the bankruptcy options available and to which situations they are best suited. A bankruptcy attorney in Chicago can help explain the various bankruptcy options to you. A Chicago bankruptcy attorney can also help you prepare and file the necessary court documents for each specific type of bankruptcy.Â
When a Chapter 7 bankruptcy is filed, all of a person’s debts are forgiven, unless the debt is reaffirmed, and their assets are liquidated in order to repay creditors a portion of what they are owed. Certain property is protected from liquidation up to a certain amount depending on the type of asset.
When a Chapter 13 bankruptcy is filed, a debtor enters into a repayment plan with the court’s approval. Those unsecured debts that remain at the end of the repayment period are forgiven. A person must meet certain income and asset limitations in order to be eligible for a Chapter 13 bankruptcy. A bankruptcy attorney in Chicago can analyze your financial situation in order to determine whether you meet the eligible requirements and whether a Chapter 13 bankruptcy is in your best interests. If you own your home and wish to keep your mortgage and avoid foreclosure, Chapter 13 may be the best option for you. A Chicago bankruptcy attorney will help you to complete and file the detailed court documents that must be submitted with a Chapter 13 bankruptcy and appear in court on your behalf as necessary.
If a person does not meet the income and asset limitations of Chapter 13 bankruptcy but wishes to avoid asset liquidation, a Chapter 11 bankruptcy may be the best option. Like a Chapter 13 bankruptcy, a repayment plan must be approved by the court when a Chapter 11 bankruptcy is filed. The debtor can avoid asset liquidation but he or she will be required to use all disposable income during the repayment period to repay debts. Any remaining unsecured debt will be discharged. A Chicago bankruptcy attorney can explain the repayment plan process to you. A bankruptcy attorney in Chicago can also help you file the necessary documents with the court and appear on your behalf at any court proceedings.Â
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