Bankruptcy in Chicago is a legal process used to eliminate a variety of debts when a person is not able to afford payments. It is not always calculated or based on debts being larger than assets. It is more often related to the ability for a person to repay the debts based on income after paying necessities such as groceries, utilities, children’s needs, etc.
Considering filing Chicago bankruptcy?
Ask yourself these questions:
- Are credit cards used to pay for necessities?
- Are minimum payments the only way payments can be made on your debts?
- Are the debt amounts owed uncertain?
- Do collection companies call repeatedly?
- Does debt consolidation seem like the only answer?
If the answer to at least one of these questions is yes, filing for Chapter 7 or Chapter 13 bankruptcy may be the best option.
We have helped clients in Little Italy, the Near West Side and Greektown
How do I know when to file bankruptcy in Chicago?
Many individuals feel filing for bankruptcy in Chicago is a scary experience and something a person should never do unless there are no other options. This fear is unnecessary and can lead to significant harm by not taking action. Filing for bankruptcy in Chicago can be refreshing as a person becomes unburdened with the immense financial pressures and receives an opportunity for a new beginning. Determining whether to file for Chapter 7 or Chapter 13 bankruptcy in Chicago, there are several actions a person should take.
How do I declare bankruptcy in Chicagoland?
The first step regardless of whether debts and assets have been calculated is to call me for a free consultation where we can discuss the types of bankruptcy in Chicago. Chapter 7 and Chapter 13 bankruptcies are typically the most filed but have different timelines, benefits and procedures. Chapter 13 bankruptcy has several protections that Chapter 7 does not but takes longer to complete. Contact us today at 312.853.3100 and we will assist with selecting and processing the best bankruptcy option.