Elgin Bankruptcy Law Firm – Law Offices of Anthony R. Scifo – Call 847-628-8311
Elgin Bankruptcy Law Firm
Worrying that debt is overwhelming your financial future an even putting you at risk of losing your possessions? Your next move should be to call our Elgin Bankruptcy Law Firm and get helpful assistance about the options near me that might be available to you.
Bankruptcy, such Chapter 7 or Chapter 13, is simply legal process that enables you get rid of some debts, put an end to harassment from creditors and get a new start financially. It’s a federal court procedure, so is important that you learn some fundamental information about the process of filing for bankruptcy before you proceed. For starters, you should know that bankruptcy filing may have an effect on your credit history for as long as 10 years.
The individual who files for bankruptcy is known as the debtor, while the persons or business entities to which you owe are known as creditors.
Filing for bankruptcy helps to protect you against debt collection activities in the form of an automatic stay. The services of an Elgin Bankruptcy Law Firm and a successful filing can also wipe away many of your debts. A bankruptcy court determines which of your current debts are to be discharged, so that you will no longer need to continue paying them.
Creditors are not allowed try and collect your discharged debts. Bankruptcy, however, does not do away with all of your debts. Usually, you will still need to repay things such as child support, some types of school loans, taxes, alimony, and any debts that were incurred through fraudulent actions.
There are a lot of rules governing the bankruptcy process, so it can be very difficult for an individual to file for it on your own. Consult with our Elgin Bankruptcy Law Firm before you choose to file and utilize our team to help you asses if bankruptcy is the right step for you.
Most people choose between either Chapter 7 or Chapter 13 bankruptcy. They are the chapters of bankruptcy law which explain how each variety works. At its most basic, the choice is dependent upon your income and also what property you’d like to keep.
With Chapter 7 bankruptcy, it’s possible the court will cancel a lot of your debts.
This means that you will not owe them any longer. It some cases the discharges can take effect as soon as four months after you file with the assistance of an Elgin Bankruptcy Law Firm.
Some of your property will be sold in order to pay your debts. Still, you might be allowed to hold on you some of it. (This is known as exempt properties.)
Chapter 13, in contrast, requires that you will need to repay as much of your debt as possible over a period of 3 to 5 years. With this version of bankruptcy, you’re able to keep much of your belongings. However, you’ll have to make payments in order to qualify.
The court will likely accept your payment plan if you will be able to cover monthly bills and also keep paying your debts. After the court approves your plan, you’ll make payments to a Chapter 13 trustee, who then submits the payments to your creditors. Chapter 13 plans can last for as long as 5 years.
Once you complete your repayment schedule, some of your still remaining debts will receive a discharge. But you still must pay obligations like child support and certain taxes in full as part of the plan.
Take action and a first step toward a better financial situation – call our Elgin Bankruptcy Law Firm for a consultation at 847-628-8311.
