CONSUMER BANKRUPTCY ATTORNEYS
IN CHICAGO, ILLINOIS
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 has to give. Maybe it’s a missed credit card payment, which results in late fees, and higher bills. Perhaps the auto insurance rate was raised on your car. Maybe someone even lost their job. Pretty soon, every payment is late, and you find yourself jumping whenever the phone rings or cringing when you reach into the mailbox to 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. With locations in the Chicago area and Lake County, the team at Robert J. Adams & Associates will explain your options and help you understand the bankruptcy process.
The firm proudly serves the needs of clients in Cooke County, Lake County, DuPage County, and throughout the greater Chicago, Illinois area.
WHAT CHICAGO BANKRUPTCY LAWYERS CAN DO
No two cases of financial turmoil look exactly the same, but many of the same fears and distresses 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.
Chapter 7 — 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. Special considerations are usually taken into account for absolute necessities, such as a home or a car.
Chapter 13 — This form of 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 while they pay down their debt.
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.
No matter what caused your financial situation to spiral out of your control, you can have confidence that you can take the appropriate steps to seek a more stable future. With the help of knowledgeable bankruptcy attorneys, you can learn more about how filing for bankruptcy would provide you with the opportunity to start over.
WHY YOU SHOULD CHOOSE ROBERT J. ADAMS & ASSOCIATES
With more than 40 years of experience helping clients find solutions to financial difficulties, Robert J. Adams & Associates Inc. has a deep understanding of all aspects of bankruptcy law. Eighty percent of the firm's clients come from referrals, which shows the reputation and respect earned by the members of the team. Complimentary consultations will help you take the first steps toward planning out your most favorable course of action, whether that means filing Chapter 7, Chapter 13, or exploring other debt solution options.
CONSUMER BANKRUPTCY ATTORNEYS SERVING CHICAGO, ILLINOIS
To discuss your financial issues with a team of experienced consumer bankruptcy attorneys, call Robert J. Adams & Associates. With offices located in Chicago and Lake County, Illinois, the firm also represents individuals and businesses throughout DuPage County and Cook County. The attorneys at the firm have experience aiding people with bankruptcy, debt relief, foreclosures, repossessions, paycheck garnishments, collections suits, payday loans, parking tickets, license suspensions, income tax problems, and much more. For an opportunity to have a debt-free new start, call today to schedule a free consultation.