Giving Those Saddled With Debt A Chance To Start Over
There are often broad and exaggerated narratives about people who file for bankruptcy – many of which don’t align with reality. Major events like divorce, job loss, the death of a loved one or an unexpected medical emergency can leave even the most financially responsible Illinois households in insurmountable debt.
Bankruptcy can let people move on with their lives by easing their financial burdens. The attorneys at Springer Larsen Greene, LLC, have handled countless consumer bankruptcy cases. Their focused experience allows them to paint a clearer picture of your situation and guide you through the filing process.
The Benefit Of The Automatic Stay
Once you file for bankruptcy, an automatic stay will go into effect, meaning that creditors can’t demand payments for as long as the stay is in place. Creditors should respect the automatic stay. If your creditors don’t abide by the automatic stay, you can seek damages against them. If you are still receiving calls after an automatic stay was implemented, our attorneys can help.
Different Filing Options For Consumer Bankruptcies
Learn which filing options are available and fit your circumstances, below.
Chapter 7 bankruptcy, also known as “straight bankruptcy” or “liquidation,” is the most common type of consumer bankruptcy. Contrary to misconception, your unsecured debts are discharged, but you do not lose everything when you file. In fact, most Chapter 7 bankruptcies are “no asset” bankruptcies, which means you do not lose any property to repay creditors. At Springer Larsen Greene, LLC, our lawyers will not file a consumer Chapter 7 bankruptcy if our client stands to lose any property.
Chapter 13 bankruptcy can be a viable option for people with burdensome debt who still receive an income. With Chapter 13, you can set up a three-to-five-year repayment plan to knock down your debt. You only typically pay down a portion of your debt. Then, depending on the circumstances, the rest of your debt can be discharged at the end of bankruptcy. Unlike Chapter 7, Chapter 13 bankruptcy can let you keep most of your assets that would otherwise be liquidated.
Chapter 11, Subchapter V and Chapter 12 Bankruptcies
Our firm’s unique focus on bankruptcy allows us to help clients throughout the Chicago metro area when their personal and business financial struggles intertwine. Visit our business bankruptcy page to learn more about our bankruptcy services for organizations.
Don’t Let Debt Weigh You Down Forever
Debt doesn’t have to be permanent. You have resources available to dig yourself out and reset your finances. Speak with one of our lawyers today at 630-912-5871 to see if bankruptcy is the right option for you.
Also, if you have additional questions, you can check out our consumer bankruptcy FAQ page.