Trying to Figure Out Which Type of Bankruptcy Is Best For You?

If you are considering filing for bankruptcy then it is important to discuss your options with a knowledgeable bankruptcy attorney. Bankruptcy protection exists so that individuals, families and businesses can regroup after getting overwhelmed by severe financial difficulties. If you have mountains of debt and see no way of getting out from under it or avoiding complete financial ruin then filing for bankruptcy may make it possible for you to make a fresh start. Once the decision to file is made, the next major decision is which form of bankruptcy protection is best for your particular circumstances. By meeting with a bankruptcy lawyer and going over your specific debts, liabilities and income you can make an informed decision on which to file.

Chapter 7 or Chapter 13?

Most individuals file for Chapter 7 or Chapter 13 bankruptcy protection. These two options for those that qualify offer very different solutions. In a Chapter 7, the debtor agrees to liquidate all assets not protected by filing stipulations. The proceeds from this property liquidation then go to creditors that the individual has debts with. A Chapter 7 bankruptcy can leave the filer debt free in a matter of weeks. When a debtor files for Chapter 13 protection there is a more lengthy process. This form of bankruptcy is often referred to as "debt reorganization". Rather than liquidating nonexempt assets, an agreement is reached with creditors through a series of meetings and negotiations (often with the presence of a bankruptcy lawyer). The result is a new payment plan that the debtor can actually manage over three to five years. At the end of that time period, if he or she kept up with payments per the plan, the debt is discharged.

Talk to a Bankruptcy Attorney Today

Bankruptcy should not be entered into lightly so it is vital that you know all options, qualifications and requirements. A bankruptcy lawyer with the law office of Joseph P. Doyle has been helping clients throughout Kane County and surrounding areas with this complicated and often stressful process. Contact our firm today to schedule an initial consultation. We understand that every individual or family is different so we believe in listening carefully to the client in front of us in order to ensure that client's particular needs are met. It is possible to get a fresh start and put an end to creditor harassment!