Many people these days are facing an overwhelming amount of debt. When the bills pile up and you do not have the money to pay them, it can be difficult knowing how to get help. Often, people mistakenly believe they can overcome their debt by using credit cards. Unfortunately, credit cards only add to your debt and make the situation worse. Though debt is difficult to deal with, there is help to be found through a Bankruptcy Lawyer in Oak Park IL. A lawyer can give you information on your bankruptcy options so you can make an informed choice for your financial needs.
When you decide to meet with the lawyer, he or she will want you to bring in your bills, account information and your income information. This information will prove useful in assisting your lawyer in helping you to know which type of bankruptcy will be best for your financial needs.
Chapter 7 allows you to settle your debts in six months or less. You must meet certain requirements for your income to be able to go through with this bankruptcy. If you meet these requirements, your assets will be analyzed to see if any can be sold to pay down your debts. The vast majority of people do not have non-essential property so they are not required to surrender any. Through a court-appointed trustee, your debts can be settled quickly.
Chapter 13 bankruptcy is another option. This type allows you to settle your debts through reduced payments that are made through the court. When you file for this bankruptcy, you will be given two to five years to pay down your debt. Chapter 13 can be used to settle mortgage debts so you can avoid foreclosure. With this type, there are no income requirements and you do not have to surrender any property.
If you are drowning in debt and cannot seem to find a way out, Contact Schottler and Associates. The Bankruptcy Lawyer in Oak Park IL will be happy to meet with you and go over your financial needs. Contact them today and allow them to schedule you a consultation appointment so you can learn more.
