Orland Park Bankruptcy Lawyer
Orland Park Bankruptcy Lawyer
Even those who have the best of intentions and attempt to use the utmost care when trying to pay off debt could end up in dire financial straits. In these situations, it is often in the affected parties’ best interest to file for bankruptcy, which is a legal proceeding that allows an individual who cannot meet his or her financial obligations to get a fresh start. For instance, once a person files for bankruptcy, all of a person’s creditors are prohibited from attempting to collect debts, at least for a certain period of time.
The right to file for bankruptcy is provided by federal law, so it is important for those who decide to file for bankruptcy to retain an experienced Orland Park bankruptcy lawyer who is well-versed in federal court procedures and can help protect their legal rights and interests.
Types of Bankruptcy
There are actually a number of different types of bankruptcy proceedings under which a person can file, the first of which is known as Chapter 7 bankruptcy. Chapter 7 bankruptcy allows debtors to either pay for or give up certain non-exempt assets to pay off as much of their secured debt obligations as possible. Filers are still permitted to keep all of their exempt property and are released from any further obligations to repay any remaining debt. However, individuals can only file for Chapter 7 bankruptcy if they do not have enough income to pay off at least a part of their debts. Those who do have sufficient income to pay off a portion of their debts will need to file for Chapter 13 bankruptcy.
Known as debt adjustment, Chapter 13 bankruptcy allows filers to:
- Restructure their payments in a way that makes them more manageable to pay off with their current income; and
- Rid themselves of a part of their debt in such a way that they can manage further payments.
In most cases, filing for Chapter 13 bankruptcy allows filers to spread their payments over a period of time, or to pay off only part of a loan. In either case, the filer’s monthly or weekly payment will be reduced, making it easier for him or her to stay on top of monthly expenses, while also paying off debt. It is also important to note that a person can not discharge his or her debt under Chapter 7 if he or she has already done so within the last eight years, or filed for Chapter 13 bankruptcy in the last six years. Similarly, debtors can not receive a discharge under Chapter 13 if they already received a discharged under Chapter 7 in the last four years or Chapter 13 in the last two years.
Contact an Orland Park Bankruptcy Lawyer Today for Help
If you have questions about whether filing for bankruptcy is right for you and your family, please call Forst Law Offices at (708) 873-1623 to speak with a dedicated Orland Park bankruptcy lawyer who can evaluate your case and explain your legal options.
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