The economy has been rough on a lot of people. Money is tight and the bills are piling up. It can be stressful and many people are unsure of where to turn to get help. If you have been having a lot of financial difficulty, you might be thinking about bankruptcy. Bankruptcy can help you get out from underneath all of that debt, but it will take some work and sacrifice from you to make it successful.
If you have regular income and want to do your best to pay off those debts then chapter 13 may be the type of bankruptcy that will work for you. Your chapter 13 bankruptcy attorney in Chicago will help you set it up so that when you file for chapter 13 you will make payments to your debtors in a specified amount for a period of three to five years. Filing chapter 13 bankruptcy offers its own set of advantages over other options such as filing chapter 7. Chapter 7 requires the liquidation of assets in order to pay down debt but with chapter 13 you can keep your home and vehicles. You will still have to keep up with the payments, but you can avoid losing them as part of the bankruptcy process.
When filing chapter 13, you and your chapter 13 bankruptcy attorney in Chicago will agree to the terms, which will state the amount of the payments that need to be paid and the number of years of repayment as decided by the court. As long as you continue to make your payments as scheduled, your debts will be considered paid in full after the agreed upon time and you will be able to move forward away from the bankruptcy.
Though claiming chapter 13 bankruptcy can help you get out of debt and start over, it is helpful to remember that claiming bankruptcy is not a get out of jail free card. There will be a lot of work ahead as you pay down that debt but just keep in mind that you are doing what needs to be done to get hold of your finances so you can leave those troubles behind you. Visit the site lakelaw.com for more information.