Bankruptcy is the legal status filed by individuals and organizations when they are unable to repay their debts. Before you apply for bankruptcy, you have to determine which type of bankruptcy is right for your current situation. There are many types of bankruptcies available. Each and every chapter has its own list of laws and codes. If you are too far in debt and attempting to keep your house from foreclosure, then filing for a chapter 13 bankruptcy will help to save your home.
If you file for chapter 13, the court will create a debt consolidation and repayment plan depending on many factors such as living expenses, home loan, vehicle loan, and credit card loans. Based on all these factors, the court will come up with a chapter 13 bankruptcy plan that will allow you to repay your debts in monthly installments. Chapter 13 bankruptcy is generally is a good option if you have a standard salary.
Dealing with bankruptcy is difficult, especially if you have to do it alone. With the complex and lengthy procedures involved, it is imperative you have someone by your side. You need to seek the services of a reputable chapter 13 bankruptcy lawyer in Chicago. A Chapter 13 bankruptcy lawyer is a legal professional who has a deep knowledge of all the state and federal bankruptcy laws. They will help you get through this stressful time in the best way possible.
With a qualified chapter 13 bankruptcy attorney, you will be protected from any mistakes. They will assist you with all the filing and documentation and ensure that all the necessary information is provided in these documents. For instance, your appeal can be rejected if you do not provide information about your house or car in the petition. In addition, your attorney will protect you from aspects you may not be aware of.
If you file for bankruptcy on our own, you will only have limited information with you. Thus, things can take longer or even cause your bankruptcy petition to be denied. However, with the help of a reputable chapter 13 bankruptcy lawyer in Chicago, you will be aware of the laws and policies you can benefit from.