What Bankruptcy Do For You
Chicago Bankruptcy Lawyer Explains the Benefits
There are many
benefits that bankruptcy brings to debtors all across the Chicago community –
you just need to talk to the right lawyer to find out what your options
are and how each one will affect your life in particular.
Bankruptcy is a legal process that allows a debtor to quickly eliminate, reduce or
pay back their debt to creditors and banks, depending upon the chapter
of consumer bankruptcy you choose to file.
There are two main types of consumer bankruptcy:
Chapter 7 and
Chapter 13. Both have many benefits and advantages for consumers struggling with
an overwhelming amount of debt, and both are very different strategies
of debt relief.
If you are overcome with an unmanageable quantity of debt in the form of
credit card debt, medical bills, mortgage, or car loans, do not hesitate
to speak to a Chicago bankruptcy lawyer that can inform you on what bankruptcy
can do for you.
Eliminate Debt, Bills, and Lawsuits Through Bankruptcy
When people hear the word bankruptcy, they rarely picture anything positive.
Instead, a negative image of debt, financial instability, and poor credit
come to mind. As an experienced bankruptcy law firm, the team at Law Offices
of David Freydin can help you understand how bankruptcy can, in fact,
improve a debtor's life in many ways.
First and foremost, bankruptcy has the important job of alleviating a consumer's
debt. Chapter 7 bankruptcy acts as a quick liquidation process, whereas
Chapter 13 allows a consumer to pay back their debts to their creditors
over a period of up to five years. This debt that is being eliminated
often includes credit card debt, medical and utility bills, and even lawsuits
that may be held against you. Without all of these debts weighing you
down, imagine where you could be!
Stop Wage Garnishment, Bank Levies and License Suspensions
Bankruptcy, however, is much more powerful than just a tool used to obtain
relief from debt; it allows a consumer to put an end to some of the most
financially-threatening situations. Wage garnishment, or a bank's
action to remove money from a debtor's paycheck before it even reaches
the debtor's hands, is a common tool used by banks to recover some
of the money owed.
Other strategies a creditor may use in order to obtain repayment for unpaid
debts include bank levies and real estate liens. If you have a freeze
on your bank account because a creditor is attempting to recover a debt,
or the bank has placed a lien on your home until you pay back the borrowed
money, filing for bankruptcy may be the right option for you. In many
cases, bankruptcy is able to put an end to both of these unwanted holds,
and possibly close the legal action that the state has against you that
removed your driving privileges.
Save Your Home & Car with Chapter 13 Bankruptcy
Did you know that filing for bankruptcy can actually save your home from
foreclosure? That's right – filing a Chapter 13 petition simply
tells a creditor that you will be able to pay back your debts in a period
of three to five years, including a home or car loan. By using Chapter
13 bankruptcy as an offensive method against creditors and banks, you
may be able to remove the lien from your home or motor vehicle.
Even if you are underwater on your home, there is still time left to save
it! As a Chicago debtor, you may even be able to entirely eliminate your
second mortgage. You must act quickly and garner the help of an experienced
Chicago bankruptcy lawyer before taking any other action.
Get Help from a Bankruptcy Lawyer in Chicago
If you have considered bankruptcy in the past as a method to eliminate
your debt, talking to a member of Law Offices of David Freydin is strongly
suggested. This law firm has the legal ability to help you understand
your rights and options in the matter of bankruptcy, debt relief, and
saving your home from foreclosure.
Our law firm has many years of experience in this area of the law, and
we can provide you with the information you need to know for Chapter 7
or Chapter 13 bankruptcy filings, how to put an end to
creditor harassment, the
types of debt you can eliminate, and all of the benefits of bankruptcy. We will walk
you through the
bankruptcy process, as we know that it can be challenging and confusing. Feel free to fill
out our free
bankruptcy evaluation and contact our office to talk to an attorney!
Contact a Chicago bankruptcy lawyer at our law firm without delay to begin your journey to a debt-free future.