False assumptions and misconceptions are the biggest reason why a lot of people are unable to file bankruptcy. Bankruptcy is defined as legally admitting that you have more debt than you can realistically pay off. Bankruptcy laws are in place to make it possible for people to bail themselves out of a financial nightmare and start fresh again. It is a course of action that gives both you and the creditor a level playing field. All bankruptcy lawyers in Chicago will help you decide whether or not bankruptcy will help you.
When Do You Need Bankruptcy Lawyers?
You need to consult with bankruptcy lawyers in Chicago when your debt becomes a lot higher than your assets. This is a legal professional that will be able to get you out of that debt under the protection of the law. You have two different options when it comes to filing bankruptcy:
- Chapter 7 Bankruptcy: Chapter 7 bankruptcy will wipe your debt out during the course of a few months. This is the type of bankruptcy that allows you to make a fresh start.
- Chapter 13 Bankruptcy: Chapter 13 bankruptcy is a consolidation bankruptcy. This is because it is not going to wash away your debt. It is going to help you organize debt and gather enough time to pay it back. Most of the time you will have 3 to 5 years to pay off your debts.
Choosing a Bankruptcy Lawyer
Obviously, you do not just want to hire the first bankruptcy lawyer you find. This is the person who has your financial future in the palm of your hand. You need to make sure you are hiring someone who you trust to help you build a better future. Examine their reputation and see what other people have had to say about their services in the past. No one is going to go online and go on and on about how great a lawyer was if their service was offered. This is why finding positive feedback can be just as beneficial as negative feedback.
It is extremely easy to make a mistake when filing bankruptcy. The only way to protect yourself from making a mistake is to hire a lawyer to help you with the process of filing.
