Legal Debt Relief That You Can Depend On
When you’re in the midst of financial difficulties, hiring a bankruptcy attorney can seem like another cost that you simply can’t afford. However, bringing an experienced legal professional on board at this point in time could save you thousands of dollars in debt payments and lost assets over the long-term.
At Jackson Abdalla, our bankruptcy lawyers in Geneva bring extensive subject matter experience to the table in helping clients across Illinois return their finances to solid footing.
Benefits of Hiring Legal Counsel for Bankruptcy Proceedings
Determine Whether Bankruptcy is Right for Your Situation
The bankruptcy process can be complex, and a successful filing can have long-term impacts on your credit, insurance premiums, and tax situation. You may also be forced to liquidate certain assets to satisfy your creditors.
Despite these obvious drawbacks, the potential benefits should be clear for every individual:
- Creditors will be prevented from attempting collect debts.
- Your debt burden can be minimized or discharged altogether.
- You may be able to retain assets such as your home that would otherwise be in danger of repossession by creditors.
- You can start rebuilding your finances on a more stable footing.
- You will be required to attend mandatory training that may enable you to manage your income and expenses in a far more optimal manner.
At Jackson Abdalla, we understand that certain clients might be better served by a bankruptcy filing than others. During an initial consultation our attorneys in Geneva will go over the nature and source of your debt, your accumulated assets and daily expenses, as well as your long-term objectives. With this in mind, they will recommend a best course of action for resolving your debt.
Determine Which Type of Bankruptcy to File for in Geneva
There are two main types of bankruptcy that you can choose to file under as an individual, Chapter 7 and Chapter 13. The choice between these options will affect your debt and long-term finances in markedly different ways.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy entails a complete liquidation of an individual’s debts. This could cover everything from credit card debts to personal loans. In order to qualify for such a discharge, you will need to pass something a means test, which is designed to evaluate your ability to repay your creditors based on a favorable repayment plan.
While Chapter 7, is a quicker and more economical bankruptcy option the process will also involve the sale of the claimant’s assets with the possible exception of certain exempted items such as a residential home or primary vehicle.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is recommended for individuals that do not qualify under the means test. In these situations, our bankruptcy attorney in Geneva will work to negotiate a favorable debt repayment plan with the court and your creditors. The amount you pay and the period of reimbursement will depend on several factors including your income and the source of debt.
Business owners and individuals with large asset portfolios may be able to file for Chapter 11 bankruptcy which would allow them to pay off priority debts in full and arrange favorable repayment plans for the remaining amounts. In return, they are allowed to retain their property and other belongings.
If you are considering filing for bankruptcy and need an experienced attorney’s counsel to help way your options, contact Jackson Abdalla today at (773) 550-3853 to schedule a free initial consultation.