If you have found yourself in a difficult financial situation and are considering filing for bankruptcy, you have come to the right place. We provide legal counsel to those who are seeking a fresh start and can help you determine if bankruptcy is right for your unique situation and if so, help you through the process from start to finish. We will be by your side helping make the right decisions for you bankruptcy application, particularly in terms of the distinction between your chapter 7 and chapter 13 bankruptcy options.
Chapter 7 & Chapter 13 Bankruptcy Attorneys in Elgin, IL
If you are considering filing for bankruptcy, the first answer you should seek is whether or not your bankruptcy application will succeed. There is a certain amount of debt that you are expected to have before you file for bankruptcy in Illinois. There are two types of debts – dischargeable debt under which most types of debts fall in, and non-dischargeable debt, which includes child support arrears, student loans, and a few tax debts.
Generally, dischargeable debt can influence the success of a bankruptcy petition. We will help you determine the worth of your dischargeable debt as your bankruptcy attorney in Elgin, IL. Once these calculations are done, we will help you decide whether you are eligible for chapter 7 bankruptcy or not.
This determination requires a few considerations, such as the nature of your assets and other conditions of chapter 7 bankruptcy applications. If you have over a certain amount in non-dischargeable debts, your non-exempt assets are minimal, and you meet the requisites of this category of bankruptcy. We will help you file for category 7 bankruptcy in Illinois courts.
Choosing Between Chapter 7 and Chapter 13 Bankruptcy in Illinois
In comparison with chapter 7 bankruptcy, an application for chapter 13 bankruptcy can also be considered in favorable circumstances, which we can help you determine once we meet to discuss your case.
Generally, chapter 7 bankruptcy filing is preferred by individuals because it wipes out all of their dischargeable debts, which means they would not have to worry about new payment settlements and the debt just goes away.
However, not everybody is eligible for this type of application and we advise people with high income or too many non-exempt assets to opt for chapter 13 bankruptcy in Illinois. In simplest of terms, a chapter 13 bankruptcy is filed to work out a repayment schedule for the debts – in whole or part – over the course of the next 3 to 5 years using their continued income instead of dissolution of their assets and property.
A Kane County Bankruptcy Law Firm Ready to Help You
Whichever way your case may go, we will be ready to assist you from start to finish of your bankruptcy case. As seasoned bankruptcy attorneys in Elgin, IL, the team at Jackson Abdalla Law Group will provide you the best advice and help you achieve as positive results out of your bankruptcy application as possible.
Call us today on (773) 550-3853 to set up an initial no-obligation consultation.