“I wish there was some way to just start over.” Many of the individuals who struggle with debt have this goal in mind, but they think it is out of reach. The truth is, getting a fresh start and relief from your debt burden is entirely possible if you qualify to file for bankruptcy.
As a La Grange Chapter 7 bankruptcy attorney, I provide my clients with debt relief options that can reduce or eliminate unsecured debts and help you regain control of your financial situation. Bankruptcy law is very complex, so whether you are looking for help in personal bankruptcy or commercial bankruptcy matters, make sure to consult an attorney who has the skill necessary to protect you.
How Do I Know If Chapter 7 Is Right For Me?
When an individual’s income is low enough and he or she has no means to make payments on debts, filing Chapter 7 bankruptcy could be the right course of action. The budget analysis for Chapter 7 qualifications typically involves a “bankruptcy means test” that assesses whether or not an individual could repay debts and maintain standard living expenses with his or her current income level.
If income is low enough, then assets could potentially be liquidated and a bankruptcy trustee may distribute money among various creditors, but in many cases, individuals who file for Chapter 7 bankruptcy have “no asset” cases. This means that there are few if any assets available to be liquidated.
It can also be possible to strip your home of a second mortgage that is causing an undue debt burden. This can be done when your home is not valued as highly as the debt you have against it. At that point, any second or third mortgages could be considered unsecured debt, and the unsecured debt could potentially be discharged. These are particularly complicated cases so working with a skilled attorney is the important to make sure things are done correctly with your best interests in mind.
Keep in mind that this is a general way to think about whether or not Chapter 7 bankruptcy is right for you. The best way to get accurate information about your case is to work with an experienced bankruptcy attorney who can tailor information to your needs.
Contact Cook County Automatic Stay Attorney David P. Lloyd Today
Plant the seed today for a fresh start tomorrow. By scheduling a free consultation with David P. Lloyd, Ltd., online or by telephone at 708-937-1264, you can work directly with an Illinois lawyer who knows bankruptcy and how it can unearth new potential. There is no need to hesitate in getting information that addresses your unique needs. I look forward to hearing from you.
My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.