There are many occasions throughout the average individual’s day where they may feel compelled to seek the advice of those around them. From picking a lunch destination to choosing a new shampoo, the opinions of others are regularly used to make choices. Taking advice from a friend or relative is great when the topic at hand is a new hair style, but when it comes to Bankruptcy Advice in Chicago it is best to seek your knowledge from a licensed attorney who truly understands the laws involved.
Sadly, there may come a time in a person’s life when they realize that no matter what they do there is just no getting caught up on the debts they have accrued. In many instances, a sudden and often traumatic change in lifestyle leads a person into a downward spiral of credit card, personal loan and similar debts that simply become overwhelming. Whether the trigger is a sudden loss of income, the death of a spouse or a health condition that renders them unable to continue keeping their head above water, many choose to file for bankruptcy. There are several types of bankruptcy cases, and working with an attorney can help determine the best option.
There are to types of personal bankruptcy most commonly filed: Chapter 7, which is more the traditional “clean slate” bankruptcy and Chapter 13, which allows for some debts to be restructured rather than liquidated. Each has its own requirements for filing, and working with an attorney who knows bankruptcy laws well will help make certain that the proper form of bankruptcy is filed. Even though bankruptcy is a way to start fresh financially, there are some debts that can never be removed. Things such as:
* Student Loans
* Child support and/or alimony orders
* Restitution owed from criminal activity
* All debts resulting from fraud
Other critical factors include income, owned assets, the amount of secured versus unsecured debts and if the individual filing has the ability to meet certain payment requirements. For those who own property types such as a vehicle or a home, a Chapter 13 bankruptcy may allow them to be restructured if the judge finds enough income to reach an agreement with the companies that are owed. By going into the decision to file for bankruptcy with proper legal advice, the results will be as ideal as possible. Visit website to hire attorney.