When
burdened with plenty of debt and you find yourself unable to pay for it in any
form, filing a bankruptcy can be a good decision. But this crucial financial verdict
has a lot of aspects associated with it that needs careful consideration and
planning for getting success. If you are filing for bankruptcy in Chicago, then
a Bankruptcy Lawyer of Chicago can be
your true companion for getting justice; only if chosen wisely.
Opting
for a lawyer who has the ability of counseling and implementing the complex
process is extremely beneficial. Before filing your case, it is very important
to discuss all the pros and cons of your case so that you must be ready to face
any type of situation. A professional lawyer would explain you all the rules
and regulations under the law and will recommend you the best way of handling
your critical financial situation.
Understanding
your monetary sources, the lawyer will make sure that you fulfill all the
prerequisites along with your eligibility for bankruptcy. In the United States,
bankruptcy is generally filed under two forms, one is Chapter 7 bankruptcy and
the other is Chapter 13.
Chapter
7 involves the process of liquidation in which the assets of the applicant are
sold and distributed among the creditors in case of both individuals and
businesses. However, in Chapter 13, reorganization of the finances through a
court approved plan is done which ultimately results in the rehabilitation of
the debtor and payment of the debts over a specific period of time.
In
both the cases, your finances including your monthly bills, medical expenses,
assets and other payments are considered. Depending you your fiscal situation,
the lawyer will help you to determine which chapter is ideal for you.
Working
through the entire procedure, the lawyer would file your voluntary petitions at
the courts. After this, your case is considered by an authorized judge who will
appoint an official trustee for your case.
Examining
the accuracy of all the details provided by you, the trustee will notify all
your creditors about your bankruptcy filing and relevant procedure would be
followed as per the type of bankruptcy filed by you.
However, while all these
legal proceedings go on, the assistance of a proficient lawyer is very
important.
So
while hiring an lawyer, make sure that he is capable enough to handle your
case. To find an efficient lawyer, you can explore Internet as various law
firms are now days available online. A right lawyer will surely make this
complex legal process an easier one.
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