Get Relief From Debt
The pandemic has been hard on us all. Many people have been unable to stay current on their mortgage, rent, car payments, and other debt.
If you are struggling to pay your debts, and you would like to know your debt relief options, contact us online or call our firm today at 815-788-9511 to get your free evaluation.
Bankruptcy for Consumer Debts
Chapter 7 bankruptcy gives a fresh start to debtors with low to moderate income that meet the eligibility requirements to file for Chapter 7 bankruptcy.
If the court approves the debtor's discharge, credit card debt, personal loans, medical bills and other unsecured debt will be eliminated.
The Chapter 7 debtor's assets are protected to the extend the value of the assets do not exceed the available exemptions under the applicable statute. In many cases, these exemption allowances operate to protect all assets.
In other cases, such as when the debtor has substantial savings or owns a residence with substantial equity, the debtor must be prepared to allow the case trustee to liquidate the assets for the benefit of the creditors.
Chapter 13 bankruptcy is often a good alternative for debtors that are not eligible to file for Chapter 7 bankruptcy or own assets that are not protected by the applicable exemption allowances.
In a Chapter 13 bankruptcy case, the debtor can obtain relief from their debt by repaying unsecured debt, such as credit cards and personal loans, as well as tax debt and missed mortgage and car loan payments.
The debtor's assets are protected in a Chapter 13 case, even if the value of the assets exceed the exemption allowances applicable in a Chapter 7 case.
Put a Stop to Your Worry
Many people experience a strong sense of relief by just learning about their options. Contact us for a free consultation to learn of your debt relief options.
We have advised and assisted many people in the Dundee area about their debt relief options. Please contact us online or call our law firm for a free evaluation today at 815-788-9511.