Your Path to a Debt-Free Future
If your debts far exceed your current and expected income, then bankruptcy can present an effective path for righting your financial situation.
But in order to achieve that objective, debtors have to go through a confusing, lengthy, and complicated process that can stretch out over months or even years.
With your time and finances on the line, you need to ensure that you’re fully equipped to deal with the legal and financial hurdles that will arise through your bankruptcy.
At Jackson Abdalla, we can provide you with the resources and knowledge you need to see your case through to a positive conclusion in the quickest timeframe possible.
Our bankruptcy lawyers in Algonquin specialize in both Chapter 7 and Chapter 13 proceedings and they are up to date with the latest Federal and statewide rulings in this area.
What to Expect from Our Bankruptcy Attorneys in Algonquin
Our representatives will work with you to review your finances and they will guide you towards the most effective options for discharging those obligations. This does not necessarily entail bankruptcy filing, if there are more economical alternatives available then we will point you in that direction.
If bankruptcy is the preferred solution, then we can help you choose between a:
- Chapter 7 Bankruptcy – This process involves the liquidation of nonexempt debtor assets (rental properties, secondary vehicles, stocks) the resulting funds are then used to pay off creditors.
- Chapter 13 Bankruptcy – The debtor is allowed to retain their nonexempt property, but they must prepare a repayment plan that meets their creditor’s approval to satisfy all outstanding loans.
The bankruptcy petition is a detailed document which provides an analysis of all your accumulated debts and assets. There are strict guidelines in place for how these documents are presented, when they should be scheduled, and what specific information needs to be included within them. Your bankruptcy attorney in Algonquin will ensure that your petition is compliant and timely.
After the petition has been filed, creditors will be barred from taking steps to collect on any of their debts. This means that banks and businesses can no longer call your home or attempt to repossess your assets. Any such solicitations will be directed towards your legal representative instead.
This session usually takes place around 40 days after the initial filing. The session is presided over by a court-appointed trustee who will assess whether there are any discrepancies in your case, some of your creditors may also be present at the meeting. Your attorney will present your plan for repayment and provide additional counsel during this proceeding.
All debtors are required to go through a mandated consultation with a court-approved credit counselor.
Barring any irreconcilable objections from debtors, the court should approve your bankruptcy filing and discharge your debts.
If you’d like to speak with our Algonquin Bankruptcy attorney or to schedule a free initial consultation, call us today at (773) 550-3853 to discuss your options.