Don’t Be Afraid Of Considering Bankruptcy
Living under the thumb of debt can hold you back from your life goals, but there is a way to start anew. The prospect of bankruptcy is often intimidating. On the contrary, however, it can give you the breath of fresh air you need to recover.
Linda Bal uses her knowledge from more than 25 years of experience to assist hardworking debt relief clients across the state. As so many hardworking individuals, families and small businesses have already shown, you can trust her compassionate, respected law firm to work hard for the results you need.
Bankruptcy Does Not Jeopardize All Property
Many Illinois residents assume that filing for bankruptcy means losing all their property, including their home. However, this is usually not the case.
Bankruptcy has different effects depending on the chapter under which you file and the debts you owe. Linda Bal can explain the differences between Chapter 7 liquidation and Chapter 13 reorganization and what each type means for your property.
What To Expect When Filing For Bankruptcy
In both types of bankruptcy, you and your lawyer must provide extensive records of all your property, investments, debt liability and more to the federal court. If you are married and the debts are in your name alone, you can file separately from your spouse as an individual. We can help you create a detailed petition to support your case.
Once you file for bankruptcy, creditors must stop attempting to seize your property or collect on your debts. This is called an automatic stay, and it is one of the major benefits of filing for bankruptcy. Creditors must stop calling you, garnishing your wages, repossessing your car, seeking foreclosure of your home and more. The automatic stay grants you the time and space to figure out the next steps.
The court will determine which financial obligations and debts are priorities, such as tax debt and child support. The creditor of a priority debt will gain rights to receive repayment before the other creditors. The other creditors might be able to claim full or partial payment for secured and unsecured debts. Depending on the type of bankruptcy you file, you may then create a structured payment plan or liquidate some property in exchange for a clean slate.
Contact Linda Bal & Associates — Four Convenient Law Office Locations In Illinois
You don’t need to be afraid of considering bankruptcy. It could be the right solution to your debt problem. Contact us for the free consultation about the “fresh start” you need. Call us locally at 630-912-5970 or toll-free at 800-599-2152, or reach us by email. We maintain offices in Itasca, Naperville, Rosemont and Algonquin, and represent clients throughout the western Chicagoland suburbs.
We offer reasonable flat-rate fees with no hidden costs; weekend and evening hours, with appointment flexibility; all work performed personally and directly with you, by an experienced attorney; and prompt, professional service you can count on.