Commonly Asked Questions by Clients Facing Bankruptcy

Chapter 7 Bankruptcy Lawyer

There are a number of reasons bankruptcy becomes the only viable option in getting yourself out of debt. Becoming consumed with mountainous amounts of debt can be debilitating. Not only may you be feeling scared over what the future may hold, but you may also be unsure of how to remedy the situation. Although you may not want to consider bankruptcy, it may be the best way of providing yourself with the clean slate you deserve. An attorney can offer a significant amount of experience to support you in making an educated decision when pursuing bankruptcy.

Will creditor ever stop contacting me?

Calls from creditors can feel as though they will never come to a stop. Hearing the phone ring has the ability to put you on edge. If you are unable to make your payments, the phone calls will continue, one right after the other. One advantage to filing for either Chapter 13 or Chapter 7 bankruptcy is the automatic stay that is granted when the process is initiated. Once an automatic stay is granted, creditors attempts to collect a debt must come to a stop. This will give you the ability to experience some sense of relief while you endure the bankruptcy process.    

Should I file for Chapter 7 or Chapter 13 Bankruptcy?

Sorting out whether you should file for Chapter 7 or Chapter 13 bankruptcy can be best determined with our assistance. We can start by reviewing your specific financial situation to sort through the best type of bankruptcy to pursue.

Chapter 7 Bankruptcy is also known as a full liquidation. In order to file for Chapter 7, you must be able to meet specific requirements in order to be eligible. Chapter 7 can provide a debtor with a fresh start, allowing them to escape the significant debt they may be facing. In order to qualify, you must pass a means test in order to determine whether you have the financial ability to repay your debts. With this process, you must liquidate the majority of your assets in order to repay as much of your debts as possible. At the close of the process, the slate is wiped clean.

Chapter 13 Bankruptcy is often the best option for those who earn a wage and are able to repay most of their debts by restructuring them. Chapter 13 allows debtors to make repayments of their debts over the course of 3-5 years. In some cases, this is the best option for people looking to retain as many of their assets as possible.

When facing bankruptcy, it can be difficult to determine the most appropriate option to take. A lawyer will work with you to carefully review your financial situation, and your wishes to help you make decisions when it comes to whether Chapter 7 or Chapter 13 is in your best interest.  

What role does a bankruptcy lawyer play?

Your best bet at managing a bankruptcy is with lawyers by your side. There are a number of reasons to acquire the support of a lawyer when facing bankruptcy. Although it may appear as though you can handle a bankruptcy all on your own, it’s not advisable. Your best chance at coming out ahead and making well-informed decisions is with the help of an experienced attorney. Their services will provide you with:

  • Guidance in making critical decisions
  • Helping you to retain as many of your assets as possible
  • Determine the proper bankruptcy route
  • Preparing the appropriate paperwork
  • Educating you in the process

Attorneys know that those facing bankruptcy do so with some sense of shame. It can be incredibly disheartening to come to terms with the fact that you are unable to keep up with your lifestyle. It’s not uncommon to find yourself in over your head. A lawyer may be able to help you face bankruptcy so that you can work towards the process of putting your life back together and rebuilding your credit.

Source: Chapter 7 Bankruptcy Lawyer Bloomington, IL, Pioletti & Pioletti

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