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Bankruptcy Lawyer Cook County Illinois

Serving Cook County, Chicago, & the greater Illinois areas.

What Does Bankruptcy Law Entail?

Bankruptcy is a legal process that provides individuals with the chance to either eliminate or repay their debts. In legal terms, this process is often referred to as a “Fresh Start,” allowing individuals to start anew without the heavy burden of debt. There are two main types of personal bankruptcy plans: Chapter 7 and Chapter 13. Both Chapter 7 and Chapter 13 bankruptcies are important tools for managing the foreclosure process.

Chapter 7 Bankruptcy

If you’re grappling with various unsecured debts and finding it increasingly challenging to manage your monthly expenses and payments, Chapter 7 bankruptcy could provide a viable solution. It’s essential to recognize that while Chapter 7 can effectively wipe out your debts, there are some downsides to consider, including the need to relinquish certain assets and a significant drop in your credit score. Reach out to our bankruptcy lawyer in Cook County IL at JP Legal LLC today to determine if this option is suitable for your situation.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy offers individuals the opportunity to gradually repay a portion of their debts over a structured period of 36 to 60 months (3-5 years) through a repayment plan. If you’re facing difficulties in meeting your financial obligations but have a sincere intention to honor your debts, Chapter 13 bankruptcy may be a suitable path for you. It’s important to acknowledge that there are trade-offs associated with Chapter 13, such as the potential need to surrender certain assets or possessions and a notable impact on your credit score. Contact our Cook County bankruptcy lawyer today to evaluate whether this alternative aligns with your unique circumstances.

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