While the nature of the bankruptcy code is governed by federal laws, there are many subtle nuances and intricacies that are governed at a state level and even more so at a local and county level. It is vital that you get a Chicago bankruptcy lawyer to help you through the process. It will make it easier and less stressful for you to get the best legal advice available to you.
Debt Counseling and Bankruptcy in Chicago
As part of the process of filing for a Chapter 13 bankruptcy in Chicago, you will have to attend a debt counseling program. This is a requirement of law and the bankruptcy court will need to have proof that you have attended a debt counseling program before your bankruptcy may be approved.
The longer you wait to complete you debt counseling course means that you may cause unnecessary delays in the filing of your bankruptcy. Don’t wait until it is too late to start taking action for securing your financial future.
You may be offered a credit solution by the counseling center that you attend, but always make sure that you check every financial decisions that you make during this period with your Chicago bankruptcy lawyer. People who owe many different creditors may not be best served by making more debt to cover existing debt. The important thing you need to know about debt counseling and credit solutions is that they may not be a way out of your financial problems and you may be better off to continue filing for a Chapter 13 bankruptcy through a reputable bankruptcy lawyer in Chicago.
Once your debt counseling program is completed you will be able to file for bankruptcy and the trustee will do a detailed analysis of your income and expenses and work out the best payment plan for you that will be structured over a three to five year plan. This payment plan will be approved by the court and the rest of your debt may be discharged if you maintain your payment schedule and complete your payments in the required time.
Far too many people cling to a misplaced sense of pride that can lead them into even deeper debt and cause more stress to themselves and their families. It is never too late to call on a local Chicago bankruptcy lawyer who will be able to guide you through the process every step of the way. You do not have to make your way through the complex and often complicated process of filing for bankruptcy alone.