Taking The Shame Out Of Bankruptcy
If you are facing significant debt, you have likely felt feelings of guilt and shame. These emotions are common, but most of the time, they are undeserved. Contemplating bankruptcy is not a sign that you are irresponsible or bad with money.
The vast majority of the time, bankruptcy clients come to me because they have experienced an uncontrollable and unforeseen emergency such as a serious accident, illness or the loss of a job. Even if you have health or liability insurance, one emergency could place your family in serious financial trouble.
Based in Geneva, Illinois, DLAW, PC, offers compassionate, nonjudgmental representation in personal bankruptcy. My goal is to help you discharge or reorganize overwhelming debt so that you can regain financial health. Throughout the bankruptcy process, I will work with you to form a plan to get you back to living your life.
Chapter 7 Vs. Chapter 13 Bankruptcy
Chapter 7 and Chapter 13 bankruptcies are available to those needing relief from personal debts. Chapter 7 is also available to those needing relief from business liabilities. The main difference between the two is how your debt is resolved.
With Chapter 7 bankruptcy, most of your unsecured debts (credit cards, medical bills, etc.) can be eliminated by the entry of a discharge order. This allows you to concentrate on paying debts that are normally nondischargeable, such as court-ordered support obligations, student loans or tax liabilities, and to immediately start rebuilding.
There are strict income and debt requirements to qualify for Chapter 7 bankruptcy, so not everyone will be eligible.
Chapter 13 bankruptcy focuses on restructuring debt into manageable repayment plans. Rather than an outright discharge of your debts, you will repay a part or all of your debt over a three- to five-year period. Chapter 13 is often used when you have assets that cannot be protected in a Chapter 7, your income exceeds what is allowed in a Chapter 7, or to allow you to catch up on mortgage payments that have fallen behind and avoid foreclosure.
No matter which option is available to you, DLAW, PC, works with you to create a plan to stop the chaos, take back control of your finances and have a plan for your future.
Is Bankruptcy Right For You? What Are Your Options?
While the information provided above is a good starting point, there is no substitute for case-specific advice from an experienced lawyer. Bankruptcy may be right for you, but there may be other debt-relief options available to you as well. Before you decide on a course of action, call me for an appointment to discuss the details of your case and to learn about all your legal options.
Contact My Firm To Discuss Your Legal Needs
With an office in Geneva, DLAW, PC, serves clients in Kane County and the surrounding northern Illinois communities. To take advantage of a free initial consultation, call me at 331-222-7978 or send me an email.
My firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.