If you are overwhelmed by your debt that you don't have the means of paying it off, bankruptcy may be the best alternative to handle the debt situation. Bankruptcy is the legal provision to describe an official declaration that an organization or individual is unable to repay the debt to their creditors. There are mainly 2 types of bankruptcy options available: chapter 7 and chapter 13. Each bankruptcy option has various advantages and disadvantages and it is important to understand how each specific type of bankruptcy will affect your financial future.
The most common is chapter 7 bankruptcy in which the individuals have to declare that they will close their business permanently. Once the debts are paid and the assets are gone the business owner will be discharged of the debts. Chapter 13 bankruptcies is typically filed by individuals who think that a little extra time can resolve their financial crises and they do not want to loose their assets due to their present condition. In Chapter 13, they have to show their plan of action to pay back all the debts; also they can keep your personal assets. Well experienced bankruptcy lawyers in Chicago (http://somekeyword/chicago-bankruptcy-lawyer) can help you decide which bankruptcy option is right for you, based on your financial situation.
If you are facing mounting debt related issues, foreclosure and other financial difficulties, Chang & Carlin LLP has skilled bankruptcy lawyers who will assist to come out from debt related issues. Chang & Carlin LLP, a leading bankruptcy law firm in Chicago, IL, represents small business and individual debtors in Chapter 7 and Chapter 13 cases. Their well experienced Illinois bankruptcy attorneys (http://somekeyword/filing-bankruptcy-Illinois) provide the legal representation you deserve in a Chapter 7 or Chapter 13 bankruptcy cases, real estate services, and issues.
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About The Author: David began his legal career in 2001, where his major focus was in residential real estate transaction. In 2003, David moved on to representing clients in both Chapter 7 and Chapter 13 bankruptcies. David advanced to a senior attorney position at one of the largest consumer bankruptcy law firms in the nation and has counseled thousands of clients about their financial needs.
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