Latest Blog Title:
Bankruptcy
Make a New Beginning
Get Help from a Chicago Bankruptcy Lawyer
Are you getting harassing phone calls from creditors about debts you can't afford to pay? Are your wages being garnished? Are you being threatened with lawsuits, repossession and/or foreclosure?
At the Steele Law Firm, we understand that these situations are stressful. If you are looking for an opportunity to make a fresh start and put yourself on a firm financial footing, bankruptcy may be the best option.
Contact us to schedule a free initial consultation and discuss all of your debt relief options, including Chapter 7 and Chapter 13 bankruptcy, with a skilled Illinois attorney.
Chapter 7: Starting Over, Free From Debt
The purpose of Chapter 7 bankruptcy is to make a clean break with debt. From the moment you file, all proceedings against you must stop, and creditors may not contact you any more. At the end of this process, all your debts — except certain limited categories — are cancelled.
Not everyone qualifies for Chapter 7 bankruptcy. If you do, the bankruptcy court may require the sale of certain assets. We will help you explore your options and choose the approach that protects whatever is most important to you.
Chapter 13: Paying What You Can Manage
Under Chapter 13 bankruptcy, you still get an immediate end to creditor harassment, but you are eventually expected to pay off at least some of your debts in accordance with a payment plan (also known as a wage earner plan) submitted by you and approved by the bankruptcy court.
There are a number of reasons why Chapter 13 bankruptcy may be better for certain people. These issues are complicated, and you should discuss them with a lawyer.
People from all walks of life get into financial difficulty. Bankruptcy is there to give them the opportunity to start again. Contact us to learn more about your bankruptcy options.
