Making ends meet can be hard, especially for those living paycheck to paycheck. For many people all of their earnings are required just to get by. Often, people start off doing just fine, but then there’s an unexpected expense, and something’s gotta give. Maybe it’s a credit card payment, which results in late fees, and higher bills. Perhaps the auto insurance was raised on the car. Maybe someone even lost their job. Pretty soon everything’s late, and you find yourself jumping whenever the phone rings, or cringing when you get the mail. If any of this sounds familiar, you may want to consider meeting with the Chicago bankruptcy lawyers at Robert J. Adams & Associates.
What Chicago Bankruptcy Lawyers Can Do
No two cases of financial turmoil look exactly the same, but many of the same fears and distress come regardless of the specifics of the situation. For individuals, the most common types of bankruptcies are Chapter 7 — also known as the “fresh start” bankruptcy, which can erase many forms of unsecured debt, including most credit cards, and Chapter 13, which is a reorganization of debt that allows a person to keep more of their assets and make reduced, and more affordable payments to their creditors.
This option often works for those who do not have a particularly high income or a lot of assets, because in order to qualify a person must be able to pass a “means test” which puts a limit on how much of their assets can be kept once a bankruptcy goes through, with special considerations taken into account for absolute necessities, such as a home or a car.
Chapter 13 bankruptcy is normally what is filed when someone does not qualify for Chapter 7 because they don’t pass the means test. With this option, debts are evaluated,and affordable payments are negotiated and overseen by a bankruptcy trustee. With a Chapter 13 Bankruptcy, filers are able to hold on to a greater portion of their assets.
Regardless of which option is chosen, simply beginning the process can bring immediate relief. An automatic stay is placed on creditors and collection efforts must stop immediately. Filing can also delay foreclosure proceedings giving the filer time to find the right alternative for them.
Why Choose Robert J. Adams & Associates?
30 years experience helping clients find solutions to financial difficulties. 80% of clients come from referrals, so it’s in our best interest and yours to approach each situation with intelligence and empathy. Free consultations to help you take the first steps to planning out your course of action, whether that means filing Chapter 7 or Chapter 13, or exploring other debt solution options. We’ll help you gather a fresh perspective as you prepare for the battle ahead.
The Legal Team at Robert J. Adams & Associates
With the belief that consumers should have options when it comes to dealing with their debts and be able to avoid harassment, Robert J. Adams established the firm in 1976, as time went by he worked with a variety of fellow attorneys, and today four attorneys, including Adams make up the heart of the organization. Brian C. Pedersen has been an attorney with the firm for more than twenty years. Michael C. Burr joined 13 years ago, and Adam’s own daughter, Tina, has been working at the firm since 1993, and has become an accomplished attorney in her own rite.
If you find yourself feeling financially swamped, don’t keep trying to swim upstream on your own. Talk to the attorneys at Robert J. Adams & Associates and find the right solution for you.
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