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At DebtPros, our bankruptcy attorneys are dedicated to helping you get the debt relief you deserve. Struggling with large amounts of debt can be overwhelming. However, filing for bankruptcy can offer you a fresh start. If you’re being harassed by creditors or facing foreclosure, repossession actions, or wage garnishments, contact a Chicago bankruptcy lawyer at DebtPros to regain control of your financial situation.
We have years of experience handling bankruptcy cases. We can assess your case and determine which chapter of bankruptcy is best suited for you: Chapter 7, Chapter 13, or any other applicable chapter.
Unlike other law firms, we provide personalized legal advice tailored to your needs. An attorney who initially evaluates your case will work closely with you throughout the entire case. Trust us to protect your finances and guide you through the complex bankruptcy process.
Bankruptcy law helps regain financial stability, but filing a petition under it can be complex and confusing.
For example, you may find relief in Chapter 7 if you have unsecured debts, like credit card debt or medical bills. Others may benefit from Chapter 13, which reorganizes your debt into a more manageable repayment plan.
Our Chicago bankruptcy attorneys can guide you through the complexities of the process and help you make informed decisions about your financial future.
Chapter 7 bankruptcy is also known as liquidation bankruptcy. It helps individuals and businesses wipe out their unsecured debt. It includes credit card balances, medical bills, personal loans, or any other debt not secured by collateral.
If you’re grappling with a mountain of debt, you are not alone. The average taxpayer in Chicago, IL, carries a debt burden of $41,900, ranking second highest in the U.S.
Under Chapter 7 bankruptcy, you may be able to eliminate these overwhelming unsecured debts and get a fresh start.
However, you must pass the means test to be eligible for it. This test compares your income with the median income for a household of your size in Illinois. If your income is below the median, you may qualify for it. If it’s above, Chapter 13 bankruptcy might be a better option for you.
Filing for Chapter 7 offers several benefits:
Chapter 13 bankruptcy is often called a wage earner’s plan. If you have a stable income but are overwhelmed by debt and concerned about losing your assets, like your car or home, Chapter 13 bankruptcy might be a better choice.
It’s designed for people with a stable income who can repay their debts gradually over time. It allows you to create a payment plan to repay your debts (or a portion of them) over three to five years. To be eligible for it, you must have enough income left after expenses to meet repayment plan obligations.
Chapter 13 offers several benefits:
By the end of the repayment plan, you’ll be in a stronger financial position as most of your debt will have been eliminated.