Bankruptcy in Waukegan and Chicago

Waukegan and Chicago are both very difficult areas to face bankruptcy in. More and more people in the Midwest are being forced to declare bankruptcy, and many of these cases are concentrated either in Chicago or in Waukegan. Bankruptcy attorneys have seen a record number of cases in the past two years and there is no sign of letting up soon.

However, bankruptcy does not always have to be a terrible thing. Obviously no one wants to go bankrupt, but in some cases it is going to be a much easier path for your family than continuing to struggle with all of the debts that people face: mortgages, medical bills, and in many cases mountains of credit card debt. These bills can hold you down for many years even though financial conditions have changes substantially from when you first agreed to the debt. Sometimes it is better to simply start fresh without so much debt hanging over your head.


This is especially true when you understand the different types of bankruptcy available to you. Many people think of bankruptcy as losing everything and under one common form of bankruptcy, known as Chapter 7, that is mostly true. However there is a separate type of bankruptcy known as Chapter 13 and this is a very different type of process.

In Chapter 13 bankruptcy you get to keep your house and most of your belongings. In order to do this you have to agree to a partial repayment plan that will last either 3 years or 5 years depending on your income. At the end of the 3 or 5 years you are free and clear of debt even if everything was not repaid. Setting up this kind of payment plan can be a lifesaver, but it takes finesse. A good bankruptcy lawyer can help you file for Chapter 13 and arrange a payment plan that will be acceptable to the state but still realistic for your financial situation.

Don't delay in taking advantage of this kind of plan. Whether you live in Waukegan or Chicago, bankruptcy lawyers are able to guide you through the process in a way that works for you. Anyone with an income is usually able to find a Chapter 13 plan that will work for them, and this option is by far the safest approach for a working household. It means your family does not have to move or lose their belongings, which can make a huge difference. Hire a lawyer to help you protect your family and your assets, and you will be much better off.

Sam H Pitt is the author of the article on somekeywordSam H Pitt is the author of the article on somekeyword

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