A Second Chance at Financial Stability
While the concept of bankruptcy may carry some negative connotations, if you’re in a situation where:
- You are struggling to meet minimum payments on your outstanding loans.
- You are constantly fielding calls from irate creditors.
- Your expenses far outweigh your monthly income.
- You are relying on credit cards to fund your living costs.
- You feel that it would be impossible to fix your financial situation alone.
Then this legal process could represent a vital lifeline in a losing battle against creditors, banks, and loan agencies.
At Jackson Abdalla, our bankruptcy lawyers in Crystal Lake have provided legal assistance to clients in a variety of financial circumstances. From cases involving complex litigation and several assets to debt negotiations for small businesses, our experience enables us to navigate even the most precarious situations.
The Bankruptcy Process
You should always consult with a legal professional before declaring bankruptcy. Our attorneys in Crystal Lake will guide you through this often-confusing process.
During an initial meeting we will go through a comprehensive review which covers:
- Your income, debts, assets, and expenses.
- Whether you should declare bankruptcy.
- Which chapter of bankruptcy you should file for.
- The optimal filing date.
- A contract for our services.
We will work with you to compile all of your financial records including tax returns, credit reports, bank statements and other relevant documents.
Depending on the type of bankruptcy you file for, you may need to go through a credit counseling program before filing your petition.
There are various official forms which need to be accurately prepared and submitted. Our Geneva bankruptcy lawyers will use all of your communicated information to fill out this paperwork.
Several key details will need to be provided at this juncture including:
- Assets that you claim exemptions on
- Assets that have been sold or transferred over the past few years.
Your plan for repaying existing debts on your exempted assets i.e whether you will continue to make payments at current levels, renegotiate the debt, or liquidate the asset to cover the outstanding amount.
Once the documentation has been filed the bankruptcy proceedings will be underway. All property, debts, and assets under your name will now be controlled by the court and creditors will be prevented from attempting to collect on their debts.
Filing is followed be a meeting of Creditors in which the claimant will be questioned by a court-appointed trustee and the creditors themselves.
Following the hearing we will furnish requests for further information, negotiate with creditors, and deal with any objections to the bankruptcy filing. Keeping you apprised each step of the way.
Ultimately, we aim to see the process through in the most effective and economical manner possible with a positive conclusion for our clients.
If you are seeking legal representation for your bankruptcy in Crystal Lake, look no further than Jackson Abdalla Law Group. Contact our office today at (773) 550-3853 to schedule a no-obligation initial consultation.