Northwest Suburban Bankruptcy Lawyers
Bankruptcy is an empowering legal procedure that allows consumers to gain back control of their financial situation from harassing creditors and get a fresh financial start. The bankruptcy attorneys at Charles T. Newland & Associates focus on helping individuals and their families obtain relief from mounting debt by using the protections afforded under bankruptcy laws.
Contact our office at 847.797.9300 to schedule a free consultation with one of our bankruptcy attorneys and learn more about the process of filing for chapter 7 and 13 bankruptcy or foreclosure.
How Bankruptcy Can Help
If you are in financial distress, you may feel overwhelmed and hopeless. But rest assured, there are ways that you can deal with your financial problems and get back on the right track. Although bankruptcy is not for everyone, filing for bankruptcy may be your best option if you are dealing with financial problems such as:
- Possible foreclosure sale of your home
- Being “upside down” or “underwater” with a home mortgage
- Vehicle repossession
- Potential loss of your business
- Lost income due to wage garnishment
- Inability to pay monthly bills as they come due
- Harassment from creditors
- Threats of lawsuits from creditors
- Piling credit card debt
- Overwhelming medical bills
Not only can bankruptcy help you deal with your financial problems, but it can also prevent foreclosure and will stop creditor harassment. In fact, bankruptcy laws prohibit creditors from contacting you, attempting to collect debts, or proceeding with any legal action outside of the bankruptcy court.
Types of Bankruptcy
There are generally two types of bankruptcy options available for individuals – a chapter 7 bankruptcy or a chapter 13 bankruptcy – and it is important to understand how each bankruptcy works as well as the pros and cons of each option. If you file for a chapter 7 bankruptcy, most (if not all) of your unsecured debt will be eliminated, including credit card debt, vehicle debt, and medical bills. Additionally, because there are certain exemptions under state law, you will likely not lose your personal possessions and you will probably be able to keep your home. There are limitations on the number of assets and income that an individual can have in order to be able to file a 7 bankruptcy, however.
A chapter 13 bankruptcy, on the other hand, allows you to negotiate more manageable payment terms with your creditors over a period of time. Unlike a chapter 7 bankruptcy, unsecured debt will not necessarily be eliminated, but you will repay a smaller portion of the debt.
Contact a Bankruptcy Lawyer
If you are in financial distress, bankruptcy may be a viable option to help you get back on track. The first step is to contact a cheap bankruptcy lawyer who can help you understand your options, explain the process of filing for bankruptcy to you, and provide legal services at a reasonable fee so that you don’t incur additional debt.
Look no further than the bankruptcy attorneys at Charles T. Newland & Associates. We will provide a free consultation in a comfortable environment. Contact our office at 847.797.9300 to learn more about filing for bankruptcy. We serve clients throughout Arlington Heights, Barrington, Buffalo Grove, Glen Ellyn, Kenilworth, Long Grove, Oak Brook, Schaumburg, Cook and Lake County