Effective Debt Solutions from Experienced Legal Professionals
During a bankruptcy proceeding, a court-appointed trustee is tasked with examining the assets, liabilities, and income of a claimant to determine whether the court should discharge (cancel) their debts.
If you think that you will be unable to pay your outstanding debts within the next five years, then you should give serious though to declaring bankruptcy. If successful, this process will provide you with much-needed relief and a clean slate on which you can rebuild your life.
That being said, bankruptcy is by no means a magic bullet for your financial difficulties. The filing procedure involves bringing together years’ worth of bank accounts, records, and tax documents to present to the court along with detailed forms. Following this, you will have to go through a court proceeding and lengthy discovery process that can take several months.
Although Illinois law, does offer debtors the option of filing for bankruptcy on their own – it is always best to leave this process to an experienced legal professional.
Looking for Bankruptcy Lawyers in Bartlett?
At Jackson Abdalla our bankruptcy attorneys in Bartlett are up to date with the latest federal and state laws in this area and they understand the often-complex financial circumstances surrounding these filings.
We can work with you from the petitioning stage right through to the end of your case and help you make the right decisions at each juncture to ensure the best possible resolution for you and your dependents.
We Can Help You Make Sense of Your Finances
Even financially savvy individuals can struggle to understand the extent of their financial obligations or the current value of their assets. Our bankruptcy attorneys will meticulously go through every aspect of your finances and determine how much income you are really bringing in, what your property is really worth, and the full amount of your debt burden.
We Can Help You Find the Best Resolution
If we believe that there are better alternatives on the table such as debt renegotiation, debt consolidation, or a mutually agreed settlement then we will recommend these options instead. If bankruptcy is the best way forward, then we can talk you though the type of filing you should make as well as the type of legal issues you should expect in the weeks and months to follow.
We Can Help You Understand Your Legal Options
There are a variety of considerations that go into a bankruptcy process. Amongst other things you will have to decide when to file your petition, the best way to resolve your outstanding debts, and whether any of your assets will need to be sold to satisfy your creditors.
As a local law firm, we are intimately familiar with issues surrounding Chapter 7 and Chapter 13 filings in Illinois and can advise our clients accordingly.
To schedule a free consultation with our Bartlett Bankruptcy attorney, contact us today at (773) 550-3853.