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Bankruptcy Lawyer Chicago IL

What is Brankruptcy Law?

Bankruptcy, as a legal procedure, offers individuals the opportunity to eliminate or repay their debts. The bankruptcy court refers to this as a “Fresh Start,” enabling individuals to rebuild their lives free from the weighty burden of debt. There are two primary types of individual bankruptcy plans: Chapter 7 and Chapter 13. Both Chapter 7 and Chapter 13 bankruptcies serve as valuable instruments in navigating the foreclosure process.

Chapter 7 Bankruptcy

Consider Chapter 7 bankruptcy as a solution for eliminating various types of unsecured debts. If you’re struggling with overwhelming bills or find it increasingly difficult to cover your monthly living expenses and payments, Chapter 7 bankruptcy could be a suitable choice. It’s important to note that although Chapter 7 can effectively erase your debts, there are certain drawbacks involved, such as relinquishing certain possessions and experiencing a significant decline in your credit score. Reach out to our bankruptcy lawyer in Chicago at JP Legal LLC today to assess whether this option aligns with your circumstances.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy presents an opportunity for individuals to gradually repay a portion of their debts over a period of 36 to 60 months (3-5 years) through a structured repayment plan. If you’re facing challenges in keeping up with your bills but have a sincere desire to honor your debts, Chapter 13 bankruptcy might be the suitable path for you. It’s important to acknowledge that there are drawbacks to consider with Chapter 13, such as the potential need to surrender certain assets or possessions, as well as a significant impact on your credit score. Contact our bankruptcy lawyer in Chicago today to assess whether this option aligns with your specific circumstances.

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