Is Bankruptcy Right for You?
Our Chicago Bankruptcy Attorneys Can Help
It can be a scary situation if your funds ever run out. As debts pile up,
messages from collectors accumulate and the pressure to pay can create
an unbearable level of stress. Many people dread the term "bankruptcy,"
yet remain unaware of the potential benefits that are associated with
it. Filing for Chapter 7 or Chapter 13 bankruptcy can be a smart choice
for solving your debt crisis. At Smith Ortiz, P.C., we may be able to
help you make sense of the situation and guide you in the right direction
for long term financial success.
With over 25 years of legal experience,
our law firm is here to help you navigate the troubled waters associated with
bankruptcy. Our knowledgeable and successful legal team can give you the tools you
need and the representation you deserve to overcome this stressful time.
You are not alone. Call (312) 945-7451 to speak with a bankruptcy lawyer
in Chicago today.
The Benefits of Bankruptcy
The specific benefits that come with filing for bankruptcy are varied,
as it depends on which chapter you file under. To put things simply, filing
under Chapter 7 is a way to
erase most of your debt, while filing under Chapter 13 eliminates some debt while reorganizing
others so you can repay your debtors and protect your property. Regardless
of which you choose, one thing remains consistent: collectors are required
to cease their efforts the moment you file. This can give you the necessary
time to breathe and get your affairs in order and can also help you avoid
Chapter 7 is the quickest way to settle debt, including:
- Credit cards
- Medical bills
- Select IRS debt
- Utility bills
Once your case has been settled, any debts that are discharged are no longer
your responsibility to repay. With careful planning and the help of an
attorney, you may still be able to keep your car, home, and retirement
funds when you file for Chapter 7, contrary to what many people assume.
Chapter 13 involves repayment of some or all debts, and can stop:
With Chapter 13 bankruptcy, you are reorganizing your finances and establishing
a payment plan to repay your creditors. By repaying them a portion of
what you owe, you can protect your most valuable possessions from being
repossessed. The final outcome can allow you to walk away paying much
less than what you actually owe. After the payment plan of three to five
years is completed, the remaining debts are discharged.
Everyone Falls. Our Chicago Bankruptcy Lawyers Can Pick You Up.
Bankruptcy isn't the end, and the stigma that it has received over
the years is far from reality. Nevertheless, it is always highly advisable
to consult with a bankruptcy lawyer prior to making a decision, as your
financial future is of great importance. At Smith Ortiz, P.C., we can
help you make sense of your unique situation and guide you towards the
decision that is best for you. Our invaluable insight and close attention
that we offer our clients give us the tools to help you establish your
financial future and get you back on your feet.
Ready to get started? A
free consultation is the first step towards financial stability.