If you are finding yourself in financial hardship, we can help you decide whether bankruptcy is the right solution in your situation. When used properly, bankruptcy is an effective and efficient method of eliminating debt and building a foundation for a strong financial future.
Chapter 7 bankruptcy usually offers a quicker and more effective way of dealing with out of control debt than “debt consolidation.”
Comparison Between Chapter 7 Bankruptcy And Debt Consolidation
If you are currently experiencing financial difficulties or if you are simply curious about the bankruptcy process, we invite you to review the general information contained on this web site. However, the bankruptcy process requires careful consideration of each specific situation in relation to the United States Bankruptcy Code and other applicable laws which are broad, complex and nuanced. If you would like to discuss your situation, please contact our office at (847) 297-9977 or email us at [email protected] for a strictly confidential consultation.
Bankruptcy allows you to either eliminate your debts completely in Chapter 7 of the Bankruptcy Code or to enter into a repayment plan for some of the debts and discharge the remainder of the debts upon completion of the repayment plan in Chapter 13 of the Bankruptcy Code while preserving your assets and allowing you to start rebuilding your credit.
Bankruptcy petition filing results immediately in the automatic stay, which is the protection imposed by the law requiring the creditors and their collection agencies and attorneys to stop all collection activities, all court proceedings and any direct contact with you. Any violation of the automatic stay may subject a creditor to sanctions.