Why You Need a Bankruptcy Lawyer

Money troubles can affect anyone at any point in their life and with the current state of the economy, it has been an incredibly tough time financially for many people. If you are having a hard time paying all of your bills and you see no end in sight, contact a bankruptcy lawyer in Chicago to give you your financial options and to advise you on the best route for your individual situation.
A bankruptcy lawyer will explain the many nuances in bankruptcy law and will help you navigate the fine print to choose the path that is best for you. There are two basic types of bankruptcy proceedings, Chapter 7 and Chapter 13. A bankruptcy lawyer will explain to you how these proceedings work. Here is an overview of the two types of bankruptcy:

• Chapter 7: This proceeding wipes all of your debt completely away. It is the legal way to declare that you cannot pay back any of your debt. You must meet specific requirements regarding how much your debt is relative to your income and your bankruptcy lawyer in Chicago can help you to determine if you meet these parameters.

After you have filed for Chapter 7 bankruptcy protection, a protective order will be issued which will keep creditors from harassing you with phone calls, sending you collection letters, filing lawsuits against you and foreclosing on your home. This type of bankruptcy will allow you to wipe your slate clean and start over.

• Chapter 13: This proceeding is a way for you to pay back your debts by combining them into one and lowering the payments. A bankruptcy lawyer will assist you in determining if this is the right option for you. This type of bankruptcy is for people who have some form of income so that they are able to make payments. A Chapter 13 bankruptcy trustee will oversee your debts and payments, enabling you to make one payment monthly to cover all of your debts. A bankruptcy lawyer can further explain the details of this proceeding.

You do not have to suffer any longer while you struggle to pay your mounting debts. Contact a bankruptcy lawyer in Chicago who can help you to understand all of your options and reduce your debt so that you can live a happy, productive life. Many view bankruptcy as some sort of personal failure, but as any bankruptcy lawyer in Chicago will explain to you, it is actually a way to give yourself freedom and start over. Asking for help is not failing; it is taking initiative to fix your current financial state.

Bankruptcy Lawyer & Attorney in Chicago Illinois. Loopbankruptcy.com is a Bankruptcy law firm in Chicago that works for debt settlement or debt relief in Waukegan, Skokie and other cites of Illinois. Are you considering filing for bankruptcy? Call 866.525.3529 for a free consultation with a Bankruptcy Lawyer Attorney or at Lakelaw - Loop Bankruptcy in Chicago, Illinois.